Limited partnership won’t make payment: Canwest
WINNIPEG — Canwest Global Communications Corp. (TSX:CGS) said Monday the limited partnership which controls the bulk of its daily newspapers will not make a US$18.5-million interest payment initially due Aug. 1. The partnership is a subsidiary of the Winnipeg-based media conglomerate which operates all the company’s daily newspapers except the National Post. Despite the payment deferral on the subsidiary’s senior subordinated notes, Canwest said creditors are not in a position to demand that the partnership repay the full US$400 million it owes until at least Sept. 1.
The company said the decision will allow the partnership to operate normally as it continues restructuring talks with its lenders.
Bombardier wins US$159 million contract
The aerospace division of Bombardier Inc. (TSX:BBD.B) said Monday it has secured five firm orders for its Q400 NextGen Turboprop airliners with options for five more. Bombardier said the airline that placed the order will not be named at this time. The company said the contract for the first five aircraft is worth US$159 million and could increase to $332 million if additional options are exercised.
Ford sales get a boost
Ford Motor Co. says July sales rose nearly 1.6 per cent over the same month last year as the government’s wildly successful “cash-for-clunkers” program gave the automaker a significant boost. The Dearborn, Mich.-based company says it sold 158,354 light vehicles in July, compared with 155,866 vehicles in July 2008. Ford attributed its July sales rise to the clunkers program, which offers owners of old cars and trucks US$3,500 or $4,500 toward a new, more fuel-efficient vehicle, if they scrap their old vehicle.