Basically the 9% Ad Hoc note holders, taking all their .45 cents on the dollar in shares and not in mezzanine debt.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ [Mezzanine debt is debt that can be converted to shares, and is coincidentally what the Canadian government is advocating as an alternative to the bank tax.]
CBC News today ,"Canwest buyers reduce deal's debt"
http://www.cbc.ca/canada/manitoba/story/2010/06/11/canwest-debt-godfrey.html
Quote, "The purchase price for Canwest Limited Partnership will still be $1.1 billion, including $950 million in cash. "
"However, the group of the media company's bondholders who are buying the papers will increase their total equity commitment to $250 million instead of the original plan for $150 million in mezzanine notes and $100 million in shares. "
"Accordingly, the company's debt after it emerges from creditor protection will be $700 million rather than $850 million."
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[The numbers, so 225 million in cash by Paul Godfrey and others, and the 9% noteholders accepting .45 cents on the dollar, the sale price of newspapers.]
