(Winnipeg - February 5, 2010) Canwest Global Communications Corp (“Canwest”) announced today that its subsidiary, Canwest Limited Partnership / Canwest Societe en Commandite and its general partner, Canwest (Canada) Inc, and their subsidiaries Canwest Publishing Inc /Publications Canwest Inc and Canwest Books Inc (collectively, the “LP Entities”) have entered into a senior secured super-priority debtor-in-possession (“DIP”) credit agreement pursuant to which DIP financing of up to $25 million has been made available to the LP Entities in connection with their ongoing financial restructuring. This DIP financing was arranged and approved by the Ontario Superior Court of Justice (Commercial List) in January, when the LP Entities filed for creditor protection under the Companies’ Creditors Arrangement Act. Since that time, the LP Entities and the DIP lenders have been negotiating the necessary agreements and other documents associated with the DIP financing. More information about LP Entities’ restructuring process can be found at www.canwest.com and on the Monitor’s website at http://cfcanada.fticonsulting.com/clp.
Forward Looking Statements:
This news release contains certain forward-looking statements about the objectives, strategies, financial conditions, results of operations and businesses of Canwest. Statements that are not historical facts are forward-looking and are subject to important risks, uncertainties and assumptions. These statements are based on our current expectations about our business and the markets in which we operate, and upon various estimates and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events if known or unknown risks, trends or uncertainties affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that the circumstances described in any forward-looking statement will materialize. Significant and reasonably foreseeable factors that could cause the Company’s results to differ materially from current expectations are discussed in the section entitled "Risk Factors" contained in the Company’s Annual Information Form for the year ended August 31, 2009 dated November 26, 2009 filed by Canwest Global Communications Corp. with the Canadian securities commissions (available on SEDAR at www.sedar.com) as updated in its most recent Management's Discussion and Analysis for the three months ended November 30, 2009. The Company disclaims any intention or obligation to update any forward-looking statement even if new information becomes available, as a result of future events or for any other reason.
About Canwest Global Communications Corp.
Canwest Global Communications Corp. (www.canwest.com), (TSX-V: CGS and CGS.A) is Canada’s largest media company. In addition to owning the Global Television Network, operating 18 industry-leading specialty channels and having ownership in 5 specialty channels, Canwest is Canada’s largest publisher of English language paid daily newspapers and owns and operates more than 80 online properties.
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For further information:
Media Contact:
John Douglas, Senior Vice President, Public Affairs
Tel: (204) 953-7737
jdouglas@canwest.com
Investor Contact:
Hugh Harley, Director, Investor Relations
Tel: (204) 953-7731
hharley@canwest.com
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