Misinformation and mischief to report that Canada's banks running the show in CanWest bankruptcy. CanWest debt in US funds.
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CanWest debt program not from Canada, hence CanWest's (150 million 09 currency/interest hedging losses,) and (277 million 09 foreign currency gain.) Canadian banks concerned that the newspapers buyer backed by an international hedge fund with an agenda, will manipulate Canada's news, to consolidate (merge) Canada's banks.
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http://www.montrealgazette.com/news/todays-paper/Canwest+creditors+round/2515161/story.html
CanWest newspaper quote, "Unsecured bondholders for Canwest Global Communications Corp.'s newspaper division moved yesterday to insert themselves into a sales process being run by Canada's largest banks. In documents filed with the Ontario Superior Court, a group led by Golden Tree Asset Management LP said it was unfairly frozen out of the auction of Canwest Limited Partnership by the unit's senior secured lenders, which include the Bank of Nova Scotia and Canada's other four big commercial banks.
"Another source said the moves were made to give Golden Tree greater visibility in the sales process and limit the amount of control the banks could exercise." "Say the stalking horse bid (from the banks) is a billion dollars, and a bid comes in at a billion one. The banks can't simply say: 'No we like our bid better,' " the source said. "It gives them a say, and quite frankly gives them the option to take court action if they want to stop it."
"The group, which is owed about $400 million, won approval from Judge Sarah Pepall on several amendments to the procedure, including extending the window during which interested parties can come forward to bid from Feb. 26 to March 5."
[Lack of debate of newspaper buyer's point of view on editorial content in great Canadian newspaper auction.]
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