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Canwest downfall began in 2008, Asper says

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Canwest Global Communications started to spiral in the fall of 2008 after the collapse of Lehman Brothers and other players in the U.S. financial sector and never recovered.

The advertising market fell through the floor shortly after but the company was always able to pay its debts, says Leonard Asper, former CEO of the now-defunct company.

Instead, it was creditors who invoked a clause to call in their loans after Canwest’s profits fell by more than the allowable limit, that ultimately did the company in.

Asper came by the Winnipeg Free Press News Café this morning to discuss the fall of the one-time media giant.

geoff.kirbyson@freepress.mb.ca

History

Updated on Wednesday, February 20, 2013 at 9:24 AM CST: Updated.

February 21, 2013 at 2:16 PM: Writethru.

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