Legal News

Goldman Sachs group to appeal Shaw-Canwest deal

By (Breaking Legal News)

Goldman Sachs Group Inc will ask a Canadian court on Wednesday to hear its appeal of a lower court decision allowing Shaw Communications Inc to buy the broadcast arm of bankrupt Canwest Global Communications Corp.

An Ontario Superior Court judge ruled on Feb. 19 that Shaw could acquire Canwest's television arm, putting a quick end to a last-minute bid for the assets, filed the night before by a consortium led by private equity fund Catalyst Capital and backed by Goldman.

The Catalyst consortium includes the Asper family, Canwest's founders. Leonard Asper was chief executive of Winnipeg, Manitoba-based Canwest, Canada's largest media group, until last Thursday when he stepped down to avoid potential conflict of interest concerns.

Goldman Sachs is a partner in Canwest's specialty TV arm after helping the media group acquire popular channels such as History Television and Food Network Canada from Alliance Atlantis in 2007 for C$2.3 billion.

It wants the Ontario Court of Appeal to set aside the deal that allows cable operator Shaw to buy the Canwest TV assets.

Full post as published by Breaking Legal News on March 10, 2010 (boomark / email).