Canwest not selling newspapers after all. Izzy's newspaper company saved, with last minute, superior equity offer to the newspaper's unsecured notes. Canwest has the right to unfile the voluntary CCAA filing
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Correction: Newspaper debt is 950 million secured debt and 421 million 9% US unsecured notes. Important numbers, as the sale of the newspapers has the unsecured 421 million notes, ordered to take equity of .45 cents on the dollar. Surely, Canwest shareholders can offer the newspaper's 421 million unsecured notes a better ownership percentage of the newspapers, than Paul Godfrey's crappy equity offer!
All Onex and Paul Godfrey doing, are refinancing the secured debt at 950 million and offering 150 million in equity to the 421 million unsecured notes, and saying this makes the deal 1.1 billion. Surely, Canwest can offer the newspaper's 421 million unsecured notes a superior investment.
Note, Shaw's double announcement. Shaw buying Goldman Sachs' interest in CW Media Holding Limited. And, Shaw making it's first offer for Canwest's TV assets. Shaw offering to honour all of Canwest's main company's debt, for all of Canwest's TV assets, without compensation to Canwest shareholders; deal not acceptable. As if Shaw can tell a public company, we'll pay off your debt, and your assets are ours without compensation. Shaw should offer 200 million in Shaw shares to Canwest for starters.
