TORONTO – CanWest has received court approval to expedite the appeal made by Goldman Sachs challenging the sale of its TV assets to Shaw Communications.
In documents filed in an Ontario court Wednesday, CanWest said that the appeal is creating uncertainty around its restructuring efforts and for its 1,700 full time employees, and that it could negatively impact the acquisition of programming for the upcoming Fall season. Ontario Court of Appeal Justice Harry Laforme agreed with CanWest and granted the request.
In other documents filed Wednesday, Goldman said that “it does not oppose expedited treatment” of the motion for leave or the appeal, and could be ready to present its case within seven days. The U.S. investment bank has until March 29 to file appeal papers to have the court consider a rival bid for CanWest.
Goldman has backed a bid led by Toronto-based investment fund Catalyst Capital, the Asper family and two former Rogers executives. The group made a last-minute bid for CanWest on February 19, but was rejected by the courts who determined that the offer was made outside the official sale process.
