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Close to 1,000 Creditors at Canwest Global
by Gail Chiasson
Oct 28, 2009
Would Izzy have believed it?

Close to 1,000 bills and debts - big and small - are noted on Winnipeg-based Canwest Global Communication Corp.’s Web site as the company restructures under creditor protection. The company owns the Global TV network, 18 specialty channels, four vdeo-on-demand channels, the National Post and 10 dailies, plus community papers, various Web properties including canada.com and working.com, and several other properties.

Some of the bills – mainly for corporate expenses - run into the millions of dollars. These include debts to studios that provide much of the company's programming, such as E! Entertainment Television, Twentieth Century Fox and Universal Studios Canada, Others are as small as $13.95 to a B.C. cab company

Canwest Global has been unable to pay such operating expenses as it struggles with $4 billion in corporate debt. built up mostly in its acquisition of the former Southam newspaper business and the acquisition of Alliance Atlantis’ specialty channels.

Canwest filed for creditor protection earlier in October for some parts of its business, including its conventional television assets and the National Post Company, when it was unable to reach various financial cmmitments. The company hopes to restructure the business and emerge from creditor protection by the end of Jan/2010.

Canwest owed heavily to such U.S. broadcasters as Fox and NBC, and to U.S. production houses, although some companies, including Fox, have reportedly been paid.

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