Monday, January 11, 2010

CanWest lenders can't wait, Scotiabank tells Asper

In response to a letter Canwest CEO Leonard Asper wrote last week attempting to block creditors from putting the company's 45 newspapers up for sale, the Bank of Nova Scotia has written a scathing letter questioning the CEO's authority. CanWest's newspaper division, known as CanWest LP, has fallen seven months behind on its debt payments. The bank has warned Mr. Asper that he now has no say over whether the assets are sold to recoup $935-million the senior lenders are owed.

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