Creditors approve Canwest Global reorganization

Creditors have “overwhelmingly approved” Canwest Media Inc.’s reorganization plan.

Broadcaster Magazine reports:

“Canwest Global Communications Corp. announced today that the affected creditors of Canwest, Canwest Media Inc. and certain of its subsidiaries  have overwhelmingly approved a restated consolidated plan of compromise, arrangement and reorganization pursuant to the Companies’ Creditors Arrangement Act (Canada) and the Canada Business Corporations Act .

“The CMI Plan Entities are scheduled to seek approval of the Plan through a Sanction and Vesting Order of the Ontario Superior Court of Justice (Commercial List)  on July 28, 2010. Should the Court approve the Plan, the CMI Plan Entities will proceed with the implementation of the Plan following the receipt of all required regulatory approvals.”