You know, when the blind, failed king Oedipus was humbled by his hubris, the people of Thebes gently led him away from the plagued city. So can someone gently lead the Aspers away from Canwest? It’s in today’s ROB: “Aspers bid to reclaim newspaper chain.” It’s too depressing to link to. Shouldn’t there be a law that when you crater a company, destroy its share value to pennies and sink it into bankruptcy, you should just leave and let someone else resurrect it?
The Globe and Mail, competitor to Canwest media, notes that the CanWest debt problem is appearing to be insurmountable, as CanWest basically is trying to get out of/restructure existing debt agreements. In a credit crunch, carrying a lot of debt isn’t a good thing. Should there be an asset sale, somebody might pick up a newspaper or tv station for pennies on the dollar — or CanWest might convince its lenders that it’s better to renegotiate a debt and get it back, rather than foreclose and get those pennies on a dollar.
Globe and Mail, Fec. 3 2009