The following statement was issued by McMillan LLP, counsel to the agent bank for Canwest LP's senior secured lenders
TORONTO, Jan. 26 /CNW/ - Canwest LP's senior secured lender steering committee is pleased that 135 lenders holding nearly 77 per cent of the company's senior secured debt have now committed their support for the restructuring plan presented as part of Canwest LP's CCAA filing. The restructuring plan 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.
This strong level of committed support has been granted well ahead of the formal vote on January 27, and surpasses both thresholds required for the restructuring plan's approval, namely the consent of holders of two thirds of Canwest LP's senior secured debt and an absolute majority of all votes cast.
The steering committee of Canwest LP's senior secured lenders includes representatives of Canada's five largest banks and members of the international financial community.
SOURCE McMillan LLP
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