Goldman Sachs asks appeal court to kill Canwest sale

The Wall Street investment bank, a financial partner of Canwest, asks the Ontario Court of Appeal to reconsider other restructuring proposals.

Stung by the quick sale of Canwest’s recent TV assets to Shaw Communications, Wall Street investment bank Goldman Sachs has asked the Ontario Court of Appeal (OCA) to kill the deal.

As reported by Canadian Press, Goldman Sachs plans to file documents that criticizes the role of the Superior Court of Ontario in the final approval of the Canwest TV asset sale, part of a bankruptcy court-led restructuring under the Companies’ Creditors Arrangement Act.

Goldman, a financial partner of Canwest, called the TV sale process corrupt, and asked the OCA to reconsider rejected proposals, specifically the Goldman supported Catalyst Capital Group offer of $120 million for 32% equity interest in Canwest and voting control.

Watch this space for updates later today.