Thursday, October 8, 2009

The End for Canwest Global?

CanWest Global Communications Corporation, owners of the Windsor Star, filed for bankruptcy protection on Tuesday October 6, 2009. This was expected, as the company is under a mountain of debt.

The Globe and Mail did an excellent piece; read below.

CanWest assets likely to be sold after company files for creditor protection
Struggling under $4-billion in debt,
media company strikes deal with creditors

Grant Robertson, Tavia Grant and Andrew Willis
Tuesday, Oct. 06, 2009

CanWest Global Communications Corp.'s (CGS.A-T0.19----%) television and newspaper assets will likely be sold separately as Canada's biggest media company moves to satisfy its lenders.

Buried under billions in debt, CanWest filed for bankruptcy protection Tuesday, telling a judge in Toronto it was now insolvent.

Click here for the entire story.