Canwest got a two-week extension aimed at staving off filing for bankruptcy. If the company doesn’t make its current interest payment, creditors could force it bankrupt.
This is scary stuff. The company owns dozens of newspapers and television channels across the country.
To say nothing of my whopping investment — 25 shares bought early this year when the company had reached what I determined to be the rock-bottom price of 80 cents. It’s now sitting at 31.
(Wow, the ire of Globe reader comments on this story is surprising — and Toronto-centric, I think. If the company really shut down, Vancouver would lose its two dailies, and papers in Victoria, Edmonton, Calgary, Regina, Saskatoon, Ottawa and Montreal would close, apart from the National Post and a couple of dozen community papers. Even if you’re unhappy with their editorial policy, that’s a huge bite out of the body of journalism being done in Canada every day. Here’s a list of Canwest-owned papers.)
- CanWest granted 2-week bank extension, April 8, Globe and Mail