Canwest gets more time for recapitalization
Media group first filed for creditor protection in OctoberTORONTO -- Canwest Global Communications Corp. has been given more time by U.S. bondholders and other secured creditors to complete a recapitalization of the debt-laden media group.
The Canadian broadcaster and newspaper publisher had until Saturday to emerge from a court-directed restructuring process. Canwest Global said an ad hoc committee of U.S. noteholders for its holding company, Canwest Media, had now extended the deadline to March 26.
The Canadian media group first filed for creditor protection in October and has since been cutting costs and selling off assets to get out from under $4 billion in crippling debt.