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Canwest Global Communications Corp - Status Updates
| November 3, 2009 | |
| On November 3, 2009, the Monitor obtained an order from the US Court granting formal recognition of the CCAA proceedings as “foreign main proceedings” and affording the CCAA proceedings all relief and protection in aid thereof pursuant to Chapter 15 of the US Bankruptcy Code.
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| October 30, 2009 | |
| On October 30, 2009, the Court granted an order, inter alia, approving the Transition and Reorganization Agreement which provides for (a) a reorganization, orderly transition and subsequent termination of certain shared services arrangements between the CMI Entities and certain other Canwest Global subsidiaries (the “LP Entities”); and (b) a transition of substantially all of the assets of The National Post Company/La Publication National Post and certain intellectual property of Canwest Global (collectively, the “Assets”) and certain liabilities of the National Post Company to the LP Entities.
The Court also granted an extension of the stay of proceedings to January 22, 2010. |
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| October 27, 2009 | |
| On October 27, 2009, the Court granted the CMI Entities’ motion for an order appointing representatives of certain former employees of the CMI Entities (and related parties) with potential claims in respect of various pension and non-pension benefits (collectively, the “Retirees”) and appointing Cavalluzzo Hayes Shilton McIntyre & Cornish LLP as representative counsel to represent the Retirees in the CCAA proceedings for any issues affecting them.
The Court also granted orders, inter alia, appointing the Communications, Energy and Paper-workers Union of Canada (the “CEP”) to represent current and former members of CEP (excluding the “Retirees”) in the CCAA Proceedings. |
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| October 15, 2009 | |
| On October 15, 2009, the Monitor obtained an order from the US Court extending the injunctive relief granted in the TRO until the hearing of the Monitor’s request for an order granting formal recognition of the CCAA proceedings as “foreign main proceedings” and a permanent injunction for the duration thereof. | |
| October 14, 2009 | |
| On October 14, 2009, the Court approved a procedure for the identification and quantification of certain claims against the CMI Entities and the directors and officers of the Applicants. | |
| October 6, 2009 | |
| By Order of the Ontario Superior Court of Justice (the “Court”) dated October 6, 2009 (the “Initial Order”), Canwest Global Communications Corp. (“Canwest Global”) and certain of its subsidiaries (collectively the “Applicants”) obtained protection from their creditors under the Companies’ Creditors Arrangement Act (Canada) (the “CCAA”). The Initial Order also granted relief in respect of certain affiliated partnerships of the Applicants (collectively, the “Partnerships”, and together with the Applicants, the “CMI Entities”) and granted a stay of proceedings until November 5, 2009 or such later date as the Court may order. FTI Consulting Canada Inc. (“FTI”) was appointed as monitor (the “Monitor”) of the CMI Entities.
Following the granting of the Initial Order, the Monitor obtained an Order under Chapter 15 of the US Bankruptcy Code from the United States Bankruptcy Court (Southern District of New York) (the “US Court”) temporarily enjoining certain suppliers, including television production studios, distributors and other key suppliers, from taking certain actions against some of the CMI Entities, including disrupting the delivery of broadcast signals as a result of the commencement of the CCAA proceedings (the “TRO”). |
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