CanWest shares drop more than 50% - TheStar

[sorrywrongemail]

http://www.thestar.com/business/article/663625

Jul 09, 2009 06:38 PM
Comments on this story (1)
THE CANADIAN PRESS

CanWest Global Communications Corp. (TSX: CGS) shares lost more than half their value Thursday in the heaviest trading of the battered stock in nearly eight years.

The struggling media giant's shares fell 7.5 cents to close at 6.5 cents on the Toronto Stock Exchange, a drop of nearly 54 per cent, on a volume of nearly 10.2 million shares traded.

A company once worth more than $2 billion years ago and about $600 million in early 2008 now has a stock market value of just under $7 million and faces an uncertain future and likely major restructuring to deal with a massive debt.

The heavy trading triggered speculation the Winnipeg media company could be on the brink of filing for bankruptcy protection under the federal Companies' Creditors Arrangement Act.

I know several people who have already unsubscribed to the National Post (why pay for a newspaper that comes four times in a week?).

[Spazito]

1. I am not surprised...

they have emulated the US infotainment aspect over reporting the news for a while now and they are paying the price. If they would reduce their rah-rah Harper et al and actually become politically neutral, that might help as well.

[daleo]

2. Shareholders will be wiped out in the coming restructuring

These shares are worthless - bondholders will get whatever money Canwest fetches.

I just hope a more reasonable ownership takes over - I might resubscribe to my local rag if a more tolerable leadership takes over.

[Posteritatis]

3. Where's my tiny, tiny violin? (nt)