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

Ride to Conquer Cancer cancels but Red Deerian keeps going

Enbridge Ride to Conquer Cancer was cancelled due to smoke

Red Deer woman saving animals at wildlife centre with TV show

Victoria Bolhuis, 22, interned at Hope for Wildlife for 10 weeks before moving into paid position

Record-breaking year in Red Deer for smoke

Expect more smoke in Red Deer Wednesday

Mustard Seed prepares people for workforce

Employment Readiness Fair to be held August 28

Updated Red Deer smoke free bylaw to ban smoking cannabis in public

Smoke Free Bylaw returns to Red Deer city council Sept. 4

Kim XO is Black Press Media’s fashionista

Starting Sept. 7, stylist Kim XO will host Fashion Fridays on the Life channel on Black Press Media

Liberals unveil poverty plan with lofty goals, but no new spending programs

OTTAWA — The minister in charge of Canada’s latest national plan to… Continue reading

Case of truck driver charged in Humboldt Broncos crash adjourned until October

MELFORT, Sask. — The case of a Calgary truck driver charged in… Continue reading

Animal crackers break out of their cages

After more than a century behind bars, the beasts on boxes of… Continue reading

Alligator kills woman trying to protect her dog at resort

HILTON HEAD ISLAND, S.C. — A woman who often walked her dog… Continue reading

Patients redirected as water leak shuts down Edmonton hospital’s emergency room

EDMONTON — Ambulances are being redirected to other hospitals after a water… Continue reading

Parks Canada moves second bison bull that wandered out of Banff National Park

BANFF — Parks Canada says a second bison bull that wandered out… Continue reading

Lottery for parent sponsorship to be replaced, more applications to be accepted

OTTAWA — The Trudeau government is scrapping an unpopular lottery system for… Continue reading

Most Read


Five-day delivery plus unlimited digital access for $185 for 260 issues (must live in delivery area to qualify) Unlimited Digital Access 99 cents for the first four weeks and then only $15 per month Five-day delivery plus unlimited digital access for $15 a month