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CanWest Global and Canwest Media files for creditor protection from bankruptcy under the Companies' Creditors Arrangement Act

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Overview

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Members of the Asper family

On October 6, 2009, CanWest Global Communications Corp., its principal operating subsidiary, Canwest Media Inc. and certain other related entities (including the over the air networks and specialty cable channels and the National Post) filed for creditor protection from bankruptcy under the Companies' Creditors Arrangement Act (CCAA) in the Ontario Superior Court of Justice. On October 30, 2009 the assets of the National Post were transferred out to a newly created subsidiary of Canwest Publishing, National Post Inc. ("NPI"). On January 8, 2010, a second CCAA filing took place with respect to Canwest Publishing Inc. and other entities (including all of the newspapers other than the National Post, online publishing and digital media.) NPI is not itself a CCAA Applicant but continues to be funded by the Canwest Publishing CCAA Applicants. Jon Levin and Edmond Lamek of Fasken Martineau represent certain members of the Asper family in their capacities as shareholders and board members of CGCC in these proceedings.

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