Shares delisted from TSX

Canwest Global Communications Corp. (TSX: CGS) announced Thursday it had received notice of delisting from the Toronto Stock Exchange effective at market close Nov. 13, 2009.

WINNIPEG — Canwest Global Communications Corp. (TSX: CGS) announced Thursday it had received notice of delisting from the Toronto Stock Exchange effective at market close Nov. 13, 2009.

Trading in Canwest shares, which sit at 23.5 cents, is to remain suspended.

The media conglomerate’s stock was halted Oct. 5 when it filed for creditor protection under a mountain of debt.

The company made its first court appearance in Toronto Wednesday where it received approval for a timetable that would see its restructuring completed by the end of January.

Canwest spokesman John Douglas downplayed the latest development, suggesting that the media conglomerate has several alternative options, which include appealing the delisting, as well as listing on another stock exchange.

“We could go on the TSX Venture Exchange or the NEX, if we chose to do that. No decision has been made there,” he said.

“We believe that when the financial restructuring is completed in four to six months we’ll emerge a stronger competitor with less debt, and renewed financial outlook. When all of that happens, we believe we’ll have a strong case to be put back on the (TSX) again.”

Canwest’s restructuring process is facing stern resistance from U.S. investment bank Goldman Sachs which is concerned that a multibillion-dollar deal with Canwest could be jeopardized by too speedy a process.

Goldman suggested a time line that tight could threaten a key agreement forged between Canwest and the investment bank in 2007 when they paired up to buy Alliance Atlantis Communications Inc. for $2.3 billion.

Canwest has nearly $4 billion in debt, incurred mostly when it bought Conrad Black’s newspaper assets in 2000 and the group of specialty channels from Alliance Atlantis in 2007.

Not all of its business units filed for creditor protection.

The divisions included are Canwest Television Limited Partnership, which holds Global Television, MovieTime, DejaView and Fox Sports World, and the National Post Company.

Just Posted

Gasoline Alley Harley Davidson hosts 7th annual Toy Run

Bikers jumped on their motorcycles this weekend to help make Christmas better… Continue reading

Innisfail RCMP locate drugs during traffic stop

A Rocky Mountain House man is facing charges after Innisfail RCMP located… Continue reading

Expert says acquittal of Alberta parents in boy’s death unlikely to set precedent

CALGARY — A law professor says the acquittal of an Alberta couple… Continue reading

Take Back the Night rally marches through downtown Red Deer

Dozens marched through the city’s downtown chanting, “Red Deer unite, take back… Continue reading

Houston area sees relief, rescues after Imelda leaves 4 dead

HOUSTON — Emergency workers used boats Friday to rescue about 60 residents… Continue reading

Your community calendar

Tuesday Bower Place Community Association Seniors Card and Coffee party at 1:30… Continue reading

Missing hiker found safe after spending night on North Vancouver mountain

VANCOUVER — Rescue crews have found a missing female hiker safe after… Continue reading

Trudeau was only one in dark makeup at 2001 party but nobody took offence: attendee

VANCOUVER — A man who attended an “Arabian Nights” gala held by… Continue reading

McKenna defends Canada’s climate credibility amid Trudeau controversy

OTTAWA — Liberal cabinet minister Catherine McKenna says Canada still has credibility… Continue reading

Blue Jays rookie Bo Bichette trying to “be smart” with head injury

NEW YORK — Blue Jays rookie shortstop Bo Bichette says he’s feeling… Continue reading

Climate activists step up protests in Britain and France

PARIS — Environmental activists in Britain and France stepped up campaigns Saturday… Continue reading

Man from Winnipeg who was hiking alone found dead in Banff National Park

LAKE LOUISE, Alta. — A hiker has been found dead in Banff… Continue reading

Singh campaigns in Toronto, May in Winnipeg, as Liberal and Tory leaders pause

OTTAWA — Jagmeet Singh and Elizabeth May are continuing on the campaign… Continue reading

Most Read