During the financial crisis that enveloped the global economy in 2008-2009, Canwest's debt load resulted in breaches of certain covenants in its loan documents and led to a filing under the Companies' Creditors Arrangement Act (CCAA) in September 2009. As part of that filing, the Asper family and bondholder group announced a plan whereby the Asper family would reinvest in a restructured company. Shaw Communications subsequently bid $2 billion for the broadcasting assets.