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Category Corporate Date 7/28/2010
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Court sanctions Canwest’s restated consolidated plan of compromise, arrangement and reorganization
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(Winnipeg - July 28, 2010) Canwest Global Communications Corp. (“Canwest” or the “Company”) announced today that the Ontario Superior Court of Justice (Commercial List) (the “Court”) has issued a sanction order (the “Sanction Order”) approving the restated consolidated plan of compromise, arrangement and reorganization (the “Plan”) relating to Canwest, Canwest Media Inc. (“CMI”) and certain of its subsidiaries (collectively, the “CMI Entities”) pursuant to the Companies’ Creditors Arrangement Act (Canada) and the Canada Business Corporations Act.
The CMI Entities expect to implement the Plan no later than the Fall of this year, subject to the receipt of all required regulatory approvals.
For particulars relating to the treatment of Canwest’s existing shares under the Plan, shareholders should refer to the information posted on the Company’s website at www.canwest.com or the Monitor’s website at http://cfcanada.fticonsulting.com/cmi.
More information about the CMI Entities’ restructuring can be found at www.canwest.com and on the Monitor’s website at http://cfcanada.fticonsulting.com/cmi
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 the Company’s current expectations about its business and the markets in which it operates, 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 the Company’s business, or if its 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 its 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 and nine months ended May 31, 2010. 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 one of Canada’s largest broadcasting companies reaching almost 100% of English speaking Canada every day. In addition to owning the Global Television Network, operating 19 industry-leading specialty television channels and having ownership in 5 specialty television channels and more than 20 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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