Postmedia Network Inc. and Postmedia Network Canada Corp. have acquired the assets of Canwest LP and its affiliates under a sale proceeding conducted pursuant to the Companies' Creditors Arrangement Act. The assets include the largest publisher of English-language newspapers in Canada as well as an extensive portfolio of digital media and online assets. The aggregate enterprise value of the assets was estimated to be $1.1 billion.
Davies Ward Phillips & Vineberg LLP acted on behalf of Postmedia Network Inc., the acquiror, in connection with both the acquisition and the financing thereof. Davies also acted throughout the CCAA proceedings for an Ad Hoc Committee of Noteholders, comprised of 18 investment funds, which held the majority of Canwest LP's outstanding indebtedness and which provided a $250 million equity commitment to permit the acquisition. The Davies team included: Jay Swartz, Natasha MacParland, Natalie Renner (restructuring); Cam Rusaw, Philippe Rousseau, Sonny Bhalla, Aaron Hunter (corporate); Gabriella Lombardi, Don Stanbury, David Reiner, Patrice Thomas, Nataša Birač, Alain Roberge (real estate); Mindy Gilbert, Gerald Shepherd, Brett Seifred (securities); Scott Hyman, Paul Martin, Mark O'Brien, Jeff MacKenzie, Gilles Comeau (financing); Duncan Osborne, Shannon Nelson (tax); Natasha vandenHoven (pensions); Richard Elliott (competition); Matthew Gottlieb (litigation); and Alexandria Pike (environmental).
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