WINNIPEG, June 14 /CNW/ - Canwest Global Communications Corp. announced today that a settlement has been reached between freelance writer Heather Robertson and Canwest Publishing Inc. ("Canwest"), which filed for creditor protection in January of 2010, in a class action lawsuit concerning electronic rights of freelance writers. The proposed settlement is subject to court approval.
Under the terms of the proposed settlement, the value of the claims advanced by Heather Robertson against Canwest in the insolvency claims process is set for voting and distribution purposes at $7,500,000.00. In exchange, Heather Robertson will vote in favour of a Plan of Arrangement in the Canwest Publishing Inc. insolvency proceeding, and members of the Class will grant a license and release in respect of their freelance works to Canwest Publishing Inc.
The Plaintiff will share pro rata to the extent of the Settlement Amount with other affected creditors of the LP Entities in the distributions to be made by the LP Entities, if any. On May 21, 2010 the LP Entities filed with the Court a proposed Plan of Compromise and Arrangement which contemplates certain distributions to affected creditors of the LP Entities. Details of such distributions, as well as the conditions precedent to Plan implementation (including creditor and court approval), are contained in the proposed Plan of Compromise and Arrangement, Management Circular and the Eighth Report of the Monitor, copies of which are available on the Monitor's website for the CCAA Proceedings.
The settlement does not terminate Heather Robertson's lawsuit against the remaining defendants in her copyright class action against Proquest Information and Learning LLC, CEDROM-SNI Inc., Toronto Star Newspapers Ltd., and Rogers Publishing Limited.
On June 16, 2010, Heather Robertson and Canwest will seek the Court's approval of the proposed settlement.
Further information concerning the proposed settlement can be found obtained on the Court appointed Monitor's website, at http://cfcanada.fticonsulting.com/clp/, or by calling the Monitor, toll free, at 1-888-310-7627, or on the website of Koskie Minsky LLP at www.kmlaw.ca, or by calling Koskie Minsky LLP at 1-866-777-6343.
About Canwest Global Communications Corp.
Canwest Global Communications Corp. (www.canwest.com), (TSX-V: CGS and CGS.A) is Canada's largest media company. In addition to owning the Global Television Network, operating 18 industry-leading specialty channels and having ownership in 5 specialty channels, Canwest is Canada's largest publisher of English-language paid daily newspapers and owns and operates more than 80 online properties.
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