Canwest Global Communications Corp - Status Updates
| December 9, 2011 | |
| On December 9, 2011, the Court granted an extension of the stay of proceedings to and including March 31, 2012.
On December 9, 2011, the Court appointed a Receiver pursuant to Section 101 of the Courts of Justice Act (Ontario) of 4437691 Canada Inc., Alliance Atlantis Equicap Corporation and Equicap Financial Corporation authorizing and directing the Receiver to file assignments in bankruptcy on behalf of 4437691 Canada Inc., Alliance Atlantis Equicap Corporation and Equicap Financial Corporation pursuant to the provisions of the Bankruptcy and Insolvency Act (Canada).
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| October 25, 2011 | |
| On October 25, 2011, 4514866 Canada Inc. (formerly CMI) made an assignment in bankruptcy. A certificate of appointed was issued on October 25, 2011.
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| September 29, 2011 | |
| On September 29, 2011, the Court granted an extension of the stay of proceedings to and including December 31, 2011
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| May 3, 2011 | |
| On May 3, 2011, the Court granted an extension of the stay of proceedings to and including September 30, 2011.
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| February 28, 2011 | |
| By February 28, 2011, an initial distribution had been made to most non-employee related Convenience Class Creditors (creditors with a claim of $5,000 or less). The Monitor continues to provide ongoing updates on the status of the CMI Claims Procedure in its reports to the Court and to post the reports on its website for these proceedings.
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| November 2, 2010 | |
| On November 2, 2010, the Court granted an extension of the stay of proceedings to and including May 5, 2011.
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| October 27, 2010 | |
| On October 27, 2010, the consolidated plan of compromise, arrangement and reorganization (the “Plan”) was successfully implemented. In accordance with the Plan: On one or more Distribution Dates as may be set by the Monitor from time to time, the Monitor on behalf of the CMI Entities shall distribute, from the Convenience Class Pool, to each Convenience Class Creditor with a Proven Distribution Claim on the Distribution Record Date or a Convenience Class Claim that subsequently becomes a Proven Distribution Claim an amount in cash equal to the lesser of (a) $5,000 and (b) the value of such Convenience Class Creditor’s Proven Distribution Claim. Ordinary CMI Creditors shall receive distributions from the Ordinary CMI Creditors Sub-Pool and the Ordinary CTLP Creditors shall received distributions from the Ordinary CTLP Creditors Sub-Pool. The Monitor shall distribute, on behalf of the CMI Entities, on one or more Distribution Dates as may be set by the Monitor from time to time. For greater certainty, the Monitor is not obligated to make any distributions to the Ordinary Creditors until all Unresolved Claims without a dollar value have been finally resolved for distribution purposes. An affected Creditor holding an Unresolved Claim will not be entitled to receive a distribution under the Plan in respect of any portion thereof unless and until such Unresolved Claim becomes a Proven Distribution Claim.
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| 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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