October 7, 2009
Canada's largest media company, Canwest Global Communications, has filed for bankruptcy protection as it struggles to unearth itself from a C$4bn (£2.4bn) mountain of debt.
The sprawling empire owns a range of broadcasting and print businesses. Canwest’s chief executive, Leonard Asper, said business would carry on as usual despite the legal process: “We are firmly committed to moving quickly to restructure the company and emerge from creditor protection financially stronger and more competitive.”
Canwest’s bankruptcy filing in an Ontario court this morning covered the National Post and television channels including Global Television, MovieTime and DejaView. But other parts of the company were left out, including papers such as the Montreal Gazette and the Calgary Herald, plus a joint venture with BBC Worldwide to run BBC Canada.