Winnipeg Free Press - PRINT EDITION
Canwest creditors wait to be paid
"ö 31 city entities among hundreds owed cash "ö Debts incurred by conventional TV stations
It appears no debt is too small to make it onto Canwest Global Communications Corp.'s list of creditors.
The list filed on the website of Canwest's court-appointed monitor -- FTI Consulting Canada -- includes an $8.77 bill owed to Winnipeg-based Princess Auto Ltd.
The auto-parts supplier is one of 31 Winnipeg creditors on the list, which includes hundreds of suppliers from Canada and the United States. The 31 local companies are owed a total of $57,679.80.
Canwest spokesman John Douglas said the debts were incurred by the company's conventional television stations.
That's the portion of Canwest's operations, along with its National Post newspaper, that are under court protection from their creditors while Canwest attempts to restructure their debts.
He said the local debts could have been incurred by the company's local TV station, by its corporate head office in Winnipeg, or by its broadcasting operations in Toronto or Vancouver if they purchased products or services from Winnipeg suppliers.
There has been speculation Canwest's newspaper division may also seek court protection from its creditors while it also restructures its debts.
However, Douglas wouldn't comment on the likelihood of that happening. Nor would he speculate on how much money that division may owe to local creditors.
Canwest's broadcasting operations owe money to both private and public-sector firms and organizations. The public-sector creditor that is owed the most money is the provincial Department of Finance, with a bill for $12,093.52.
On the private-sector side, the biggest creditor is Online Business Systems, owed $14,269.50.
Online president and CEO Chuck Loewen said its bill is for business and information technology advisory services provided to Canwest during the last two or three months.
Loewen said Online is an unsecured creditor, and FTI Consulting hasn't said what the chances are of it being paid.
"But they didn't say we won't (be paid)," he said, so Online officials remain hopeful it will eventually get its money.
"They (Canwest) have been a good client for many years, so we're trying to be supportive during this process. We're big believers in their company, so I'm sure it will work itself out."
Princess Auto's entry isn't the only small bill on the list. Computer Avenue Inc. has two separate bills, one for $55.95 and the other for $76.62. The Workers Compensation Board also has two, for $48.97 and $450.09, while Unicity Taxi is owed $53.54.
One of the more unusual entities is the United Way of Winnipeg, owed $2,749.14.
Scott Sime, the organization's vice-president of marketing and engagement, said the debt is for the unpaid portion of Canwest's corporate sponsorship of this year's United Way annual golf tournament.
Like Loewen, Sime said United Way officials aren't losing sleep over the unpaid debt.
"Canwest and the Aspers (Winnipeg's Asper family, which founded and runs the company) have been tremendous supporters of the United Way," Sime said.
"So we're not terribly concerned about this."
He said the organization will simply wait and see how the court-monitored restructuring unfolds.
murray.mcneill@freepress.mb.ca
Republished from the Winnipeg Free Press print edition October 27, 2009 B5
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