DBRS Discontinues Ratings of Canwest Media and Canwest LP
Telecom/Media/TechnologyDBRS has today discontinued and withdrawn its ratings of Canwest Media Inc. (Canwest Media) and Canwest Limited Partnership (Canwest LP).
Canwest Media has been operating under the Companies’ Creditors Arrangement Act (CCAA) in Canada since October 6, 2009, while Canwest LP has been operating under CCAA protection since January 8, 2010.
On May 3, 2010, Shaw Communications Inc. announced an agreement to acquire Canwest Media’s conventional and specialty TV operations in a transaction that values this business at roughly $2.0 billion.
On May 10, 2010, Canwest LP approved a bid in which members of an ad hoc committee of senior subordinated noteholders would acquire substantially all of the assets and subsidiaries of Canwest LP by for $1.1 billion. On July 13, 2010, Postmedia Network Canada Corp. announced it had closed on the purchase of Canwest’s LP’s assets. The Postmedia Network will be run by Paul Godfrey, current CEO of the National Post.
Note:
All figures are in Canadian dollars unless otherwise noted.
The applicable methodologies are Rating Media and Entertainment and Rating Printing & Publishing, which can be found on our website under Methodologies.
This is a Corporate rating.
Ratings
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