Flowers, Taxis and Hollywood Studios: CanWest Receiver Lists Creditors

Hundreds of creditors are lining up to be paid by CanWest GlobalCommunications Corp., as the company attempts to restructure, ranging from a small karate studio in Toronto owed about $25 to some of Hollywood's most powerful television producers that may be owed millions, The Globe and Mail reported. CanWest, which filed for protection under the Companies' Creditors Arrangement Act, is trying to restructure its debt, which reached close to $4-billion this year. The list of parties the company owes money to was released in a 50-page spreadsheet that details how diverse those debts are. At the top of the list are some of the biggest names in the television industry who supply TV shows to CanWest's Global network, including Twentieth Century Fox, which is listed as being owed $8.5-million. However, while those large suppliers of content are likely to be paid due to arrangements set out in the company's restructuring, hundreds of smaller creditors are still on the hook. CanWest spokesman John Douglas said yesterday that the court process allows the company to cut cheques to program suppliers and the $8.5-million owed to Fox was paid. Read more.