CALGARY and TORONTO – The Ontario Superior Court of Justice today issued a order sanctioning the restated consolidated plan of compromise, arrangement and reorganization relating to Shaw Communications’ $2 billion purchase of Canwest Global Communications television assets.
Previously, Shaw announced that it had entered into agreements regarding the acquisition of 100% of the over-the-air and specialty television businesses of Canwest, including all of the equity interests in CW Investments Co., the Canwest subsidiary that owns a portfolio of specialty television channels.
"This is another important step forward with respect to the CMI Entities emerging from the Companies’ Creditors Arrangement Act process and we look forward to closing the transaction once all necessary regulatory reviews have been concluded, including approvals from the (CRTC) and the Competition Bureau. The CRTC has announced a public hearing, on September 20, to consider Shaw’s application to assume control of Restructured Canwest and once approval is received we will be in a position to close the transaction and begin focusing on the operations and integration of Restructured Canwest", said Jim Shaw, CEO and vice-chair of Shaw, in a release.
