Friday, February 20, 2009

Has "Son of Izzy" Screwed CanWest?

Izzy Asper built CanWest Global into a media giant, ultimately swallowing up Conrad Black's National Post.

Izzy's empire fell into the hands of son and heir, Lenny, and it now appears to be slipping through his fingers.

CanWest is in hock to the tune of $3.9-billion and the creditors are circling the wounded beast. The smell of fear must have been inescapable as Leonard Asper sought to bail the company out by flogging off assets such as television stations. Apparently Asper's price wasn't right because there've been no takers.

CanWest is now reportedly down to its last $20-million in credit and has until next Friday to find a miracle. The Globe & Mail reports that the creditors have the Aspers in their crosshairs:

"Options on the table include some sort of recapitalization that would see creditors take a haircut, and the Asper family squeezed out," said one banker working on CanWest. "Leonard Asper … is still focused on trying to find some sort of solution that salvages something for the family."

Via con Dios, Lenny!


Chrystal Ocean said...

CanWest is going the way of all dinosaurs. Couldn't happen to a more deserving one.

Beijing York said...

I'll let you guys know when the CanWest Global sign comes off the top of the tallest office tower on the corner of Portage and Main :-)