CanWest's forward-looking cash flow expenditure declaration, hides 400 million in cash, to appear broke
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Dear Neil,
I have attached the release we issued on September 23, 2009 when we announced the sale of our shares in Ten Network Holdings.
In response to your question what happened to the rest of the proceeds, as the release indicates CDN$426 million was deposited with the trustee for the benefit of the holders of the 8% senior subordinated notes.
Regards
Hugh
HHarley@canwest.com
Canwest Releases Projected Capital Expenditures and Other Financial Information Oct6,09 [News release issued to investment accounts.]
The following is a projection of the cash flows, cash and secured obligations of CMI and the subsidiary credit parties under CMI's secured credit facility for the expected duration of the CCAA filing(1):
.................................................................Projected
.................................................................for the three months ending((2))
(in thousands of Canadian dollars) ...............................November 30, 2009 ..February 28, 2010
Canadian Television
Receipts .........................................................124,691 ............127,127
Operating disbursements ..........................................(150,387) ..........(123,979)
Capital expenditures .............................................(4,173) ............(4,587)
Corporate and Other
Net operating cash flows .........................................(4,643) ............(2,901)
Restructuring disbursements ......................................(7,649) ............(7,156)
Advance from proceeds from sale of Ten Network Holdings Limited ..190,000 ????............-
Financing disbursements ..........................................(3,195) ............(384)
Total Net Cash Flow ..............................................144,644 ............(11,880)
(1) Cash flows projections reflect the effects of the CCAA filing
and, are therefore not comparable to normal course operations.
Cash flow projections are affected by seasonal changes in working
capital, which include a substantial use of working capital in the
three months ended November 30, 2009.
(2) These cash flow projections are derived from weekly cash flow
projections. The three months ended November 30, 2009 include the
period from September 7 to December 6, 2009 and the three months
ended February 28, 2010 include the period from December 7, 2009
to February 28, 2010.
....................................Projected as at
(in thousands of Canadian dollars) ..6-Sep-09 ..6-Dec-09 ..28-Feb-10
Cash - unrestricted .................2,633 .....23,277 ....11,397
Cash - restricted ...................2,500 .....2,500 .....2,500
Secured revolving credit facility ...19,000 ....- .........-
Secured notes .......................105,000 ...- .........-
On emergence from a CCAA filing, which is assumed to be on February 28, 2010, Canwest has projected the following cash transactions:
(in thousands of Canadian dollars)
Unrestricted cash as at February 28, 2010 ..........11,397
Equity proceeds ....................................65,000
Repayment of secured intercompany note .............(85,000)
Claims .............................................(8,000)
Retention and restructuring ........................(8,000)
Transaction costs ..................................(10,000)
Emergence financing requirement (cash) .............(34,603)
Emergence financing requirement letters of credit ..(2,000)
Total emergence financing requirement ..............(36,603)
[ Why is CanWest voluntarily filing for creditor protection? Add in the full Australian TV Ten sale proceeds, and CanWest has over 400 million in cash still.]
Friday, October 16, 2009
Thursday, October 8, 2009
What do you think CanWest shareholders, an obvious lye, right Hap.
Ontario Securities Commission probes the sale of Canada's newspapers
Thank you for your telephone inquiry to the Ontario Securities Commission (OSC) concerning the alleged sale by Canwest Global Communications Corp. (Canwest) of its newspapers to Paul Godfrey. Your objection focussed on the low price of the sale and that Canwest did not solicit any other competing offers. However, we note that there is not yet an announcement from Canwest of any sale of its newspapers, and according to media reports Canwest spokesman John Douglas has specifically denied the existence of the sale you are complaining about.
As a shareholder, you may wish to contact Canwest's Director of Investor Relations, Hugh Harley, to verify if any deal exists. He can be reached by email at hharley@canwest.com, or by telephone at (204) 956-2025.
If you do have further regulatory concerns or complaints about Canwest, you may contact the Manitoba Securities Commission, the principal regulator of Canwest. They can be reached by e-mail at securities@gov.mb.ca or by telephone at (204) 945-0330.
Sincerely,
Lead Inquiries Officer
Ontario Securities Commission "
"However, we note that there is not yet an announcement from Canwest of any sale of its newspapers, and according to media reports Canwest spokesman John Douglas has specifically denied the existence of the sale you are complaining about." [???]
Thank you for your telephone inquiry to the Ontario Securities Commission (OSC) concerning the alleged sale by Canwest Global Communications Corp. (Canwest) of its newspapers to Paul Godfrey. Your objection focussed on the low price of the sale and that Canwest did not solicit any other competing offers. However, we note that there is not yet an announcement from Canwest of any sale of its newspapers, and according to media reports Canwest spokesman John Douglas has specifically denied the existence of the sale you are complaining about.
As a shareholder, you may wish to contact Canwest's Director of Investor Relations, Hugh Harley, to verify if any deal exists. He can be reached by email at hharley@canwest.com, or by telephone at (204) 956-2025.
If you do have further regulatory concerns or complaints about Canwest, you may contact the Manitoba Securities Commission, the principal regulator of Canwest. They can be reached by e-mail at securities@gov.mb.ca or by telephone at (204) 945-0330.
Sincerely,
Lead Inquiries Officer
Ontario Securities Commission "
"However, we note that there is not yet an announcement from Canwest of any sale of its newspapers, and according to media reports Canwest spokesman John Douglas has specifically denied the existence of the sale you are complaining about." [???]
Tuesday, October 6, 2009
Canadian newspaper monopoly bought from Hollinger for 2.2 billion US, sold for 1 billion CDN to Paul Godfrey is an insider trade
Why weren't the newspapers sold with debt? A fair sale could have
saved CanWest shareholders
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Had only recently sold 25% ownership in these flagship newspapers into
a income trust for 500 million (and had 3 billion in debt attached/
unloaded into trust). [As the income trust IPO funds raised all went
to pay off a loan to a major CanWest shareholder, fishy; CanWest
therefore had to buy back the IPO by borrowing it all back at 13.5%
compounding, payable when this debt reaches nearly a billion, also a
fishy loan. It is ironic then, this means that CanWest bought back
their Canadian newspaper trust, only to sell all of it at the cost
equal, to the cost of paying back the loan needed to buy back 25%
owned by the the newspaper trust.]
bought for
In 2000, "TORONTO CanWest Global Communications Corp. is buying 13
large metropolitan daily newspapers and a 50 percent stake in the
National Post from Hollinger Inc. as part of a $1.8 billion deal.
Under the cash-and-stock transaction announced Monday, Winnipeg- based
CanWest will also assume responsibility for about $460 million in
debt, bringing the deal's total value to $2.2 billion [US]."
sold for
"Paul Godfrey, the CEO of the National Post newspaper, has lined up
buy out funds to acquire Canwest Global’s daily newspapers nationwide
for around CAN $1 billion, the Globe and Mail newspaper reported
Friday."
"TORONTO -- Canwest Global Communications Corp. today announced the
appointment of Paul Godfrey to the position of President and CEO,
National Post, effective [2009.]"
"Paul is a great addition to our team," said Dennis Skulsky President
and CEO Canwest Publishing. "Having served on the Canwest Board of
Directors since 2004, Paul knows our business very well[.]"
[Non arms length transaction. Canada's newspaper monopoly retained by
the same faction involved in news racketeering.]
saved CanWest shareholders
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Had only recently sold 25% ownership in these flagship newspapers into
a income trust for 500 million (and had 3 billion in debt attached/
unloaded into trust). [As the income trust IPO funds raised all went
to pay off a loan to a major CanWest shareholder, fishy; CanWest
therefore had to buy back the IPO by borrowing it all back at 13.5%
compounding, payable when this debt reaches nearly a billion, also a
fishy loan. It is ironic then, this means that CanWest bought back
their Canadian newspaper trust, only to sell all of it at the cost
equal, to the cost of paying back the loan needed to buy back 25%
owned by the the newspaper trust.]
bought for
In 2000, "TORONTO CanWest Global Communications Corp. is buying 13
large metropolitan daily newspapers and a 50 percent stake in the
National Post from Hollinger Inc. as part of a $1.8 billion deal.
Under the cash-and-stock transaction announced Monday, Winnipeg- based
CanWest will also assume responsibility for about $460 million in
debt, bringing the deal's total value to $2.2 billion [US]."
sold for
"Paul Godfrey, the CEO of the National Post newspaper, has lined up
buy out funds to acquire Canwest Global’s daily newspapers nationwide
for around CAN $1 billion, the Globe and Mail newspaper reported
Friday."
"TORONTO -- Canwest Global Communications Corp. today announced the
appointment of Paul Godfrey to the position of President and CEO,
National Post, effective [2009.]"
"Paul is a great addition to our team," said Dennis Skulsky President
and CEO Canwest Publishing. "Having served on the Canwest Board of
Directors since 2004, Paul knows our business very well[.]"
[Non arms length transaction. Canada's newspaper monopoly retained by
the same faction involved in news racketeering.]
WOW CanWest delisted, shareholders ripped off again, joke company
Yes, CanWest controllers and editors received kickbacks for harping on Federal Liberal Leaders Michael Ignatieff; and Dino before; this is wrong
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CanWest Shareholders reject the offer 2.3% of new company and demand to be disclosed the new debt of the company. How much debt is being trade for 97.7% equity?
The balance sheet please. Considering that CanWest is selling its Canadian newspaper monopoly for a billion (along with debt, you bet); and a billion for selling ten down under -- this is theft. Multi voting share public companies are investment jokes. Sad this joke ran Canada's newspapers. CanWest news coup and censorship is the biggest fraud in modern Canadian history
"Under the proposed recapitalization, creditors of the CMI Entities whose claims are compromised under the plan of arrangement, including the holders of the CMI 8% Notes, will receive common shares of a restructured Canwest. Existing shareholders of the Company will receive 2.3% of the shares of a restructured Canwest. It will be necessary for the Company to obtain new equity financing in the amount of at least $65 million. The percentage of the equity of a restructured Canwest to be received by affected creditors will be dependent on the percentage of equity sold to new investors.
Leonard Asper and members of his family have reached an agreement with the Ad Hoc Committee on terms which the Ad Hoc Committee would support for the investment by the Asper family of up to $15 million in connection with the recapitalization. The Asper family’s commitment would be subject to a number of conditions, including securing a co-investment from one or more Canadians, acceptable to all parties. Canwest has not made any determination with respect to the terms of any proposed equity investment by the Aspers or any other parties but welcomes the commitment of the Asper family to assist Canwest in achieving a successful recapitalization. "
TORONTO, Oct. 6 /CNW/ - DELISTING REVIEW - CanWest Global Communications Corp. (the "Company") - TSX is reviewing the subordinate voting shares (Symbol: CGS) and the non-voting shares (Symbol: CGS.A) (collectively the "Securities") of the Company with respect to meeting the continued listing requirements. The Company is being reviewed on an expedited basis. In addition, the Securities have been suspended from trading effective immediately.
[CanWest shareholders issued this, and supposed to go down without a fight??]
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
CanWest Shareholders reject the offer 2.3% of new company and demand to be disclosed the new debt of the company. How much debt is being trade for 97.7% equity?
The balance sheet please. Considering that CanWest is selling its Canadian newspaper monopoly for a billion (along with debt, you bet); and a billion for selling ten down under -- this is theft. Multi voting share public companies are investment jokes. Sad this joke ran Canada's newspapers. CanWest news coup and censorship is the biggest fraud in modern Canadian history
"Under the proposed recapitalization, creditors of the CMI Entities whose claims are compromised under the plan of arrangement, including the holders of the CMI 8% Notes, will receive common shares of a restructured Canwest. Existing shareholders of the Company will receive 2.3% of the shares of a restructured Canwest. It will be necessary for the Company to obtain new equity financing in the amount of at least $65 million. The percentage of the equity of a restructured Canwest to be received by affected creditors will be dependent on the percentage of equity sold to new investors.
Leonard Asper and members of his family have reached an agreement with the Ad Hoc Committee on terms which the Ad Hoc Committee would support for the investment by the Asper family of up to $15 million in connection with the recapitalization. The Asper family’s commitment would be subject to a number of conditions, including securing a co-investment from one or more Canadians, acceptable to all parties. Canwest has not made any determination with respect to the terms of any proposed equity investment by the Aspers or any other parties but welcomes the commitment of the Asper family to assist Canwest in achieving a successful recapitalization. "
TORONTO, Oct. 6 /CNW/ - DELISTING REVIEW - CanWest Global Communications Corp. (the "Company") - TSX is reviewing the subordinate voting shares (Symbol: CGS) and the non-voting shares (Symbol: CGS.A) (collectively the "Securities") of the Company with respect to meeting the continued listing requirements. The Company is being reviewed on an expedited basis. In addition, the Securities have been suspended from trading effective immediately.
[CanWest shareholders issued this, and supposed to go down without a fight??]
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