The Globe reported it this morning, and CTV is confirming it: either the Aspers get outside financing, with the condition that the Aspers leave the corporation, or CanWest goes bankrupt, in which case the Aspers lose all control of the corporation. They’ll probably fight it to the end, but the options are grim. Bankruptcy is not a bad option; it allows the corporation to continue while the creditors figure out how to get their money back, and as long as money is coming in, it’s better than closing it down.
In a CCAA filing, creditors would take the reins at CanWest, and the Asper family’s control of the company, based in part on a dual share structure, would disappear
CTV, February 20 2009