WINNIPEG and TORONTO – The Toronto Stock Exchange will delist Canwest Global Communications’ subordinate voting and non-voting shares on November 13, 2009.
The delisting was imposed after Canwest failed to meet the continued listing requirements of the TSX, the company said in a release. Trading in Canwest shares, which was suspended last week after the debt-laden media company filed for creditor protection, remains suspended.
In related news, Canwest made a court appearance in Toronto Wednesday where it received approval for a timetable that would see its restructuring completed by January.
According to reports from the Canadian Press, US investment firm Goldman Sachs is against such a quick timetable, arguing that its multi-billion dollar agreement with Canwest could be jeopardized by such a tight time line. The two companies paired up in 2007 to buy Alliance Atlantis Communications Inc. for $2.3 billion.
