The following statement was issued by McMillan LLP, counsel to the agent bank for Canwest LP's senior secured lenders
TORONTO, Jan. 27 /CNW/ - This afternoon, Canwest LP's senior secured lenders voted overwhelmingly to approve the company's restructuring plan.
A total of 153 lenders voted in favour of the plan, representing more than 97 per cent of all votes cast and nearly 89 per cent of the company's senior secured debt. The result easily surpassed both statutory thresholds for approval, which require an absolute majority of all votes cast and the consent of holders of two-thirds of Canwest LP's senior secured debt.
The restructuring plan, which was presented at the time of Canwest LP's CCAA filing, includes a fair, reasonable and fully-financed proposal by the senior secured lenders to acquire the whole of Canwest's print and online businesses as a going concern.
SOURCE McMillan LLP
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