Big Ideas from a Small World

Canwest has tanked, eh? Wow.

Posted in From Canada by Ryan Thomas on April 13, 2009

I don’t even know what to say about this, really.

Via Toronto Star:

Canwest shares worthless, analysts say

Shares of Canwest Global Communications are essentially worthless and should be avoided by investors as Canada’s biggest media company fights to restructure its massive debt amid a severe advertising downturn, analysts said Monday.

Canwest has another debt deadline looming Tuesday, by which time it must pay $30.4 million (U.S.) in interest to holders of its 8 per cent senior subordinated notes. The payment was originally due March 15, but the company missed it.

If it doesn’t pay Tuesday, the investors can demand the repayment of about $761 million of outstanding principal on the notes. This could further exacerbate the crisis facing the company.

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