Canwest given more time to sort out debt
Canwest Global Communications gains another 2 weeksTORONTO -- Debt-laden Canadian broadcaster Canwest Global Communications Corp. on Monday said that it has been given another two weeks to conclude an agreement in principle on a recapitalization plan with its U.S. bondholders.
Winnipeg-based Canwest Global said that its subsidiary, Canwest Media, now has until June 30 to reach agreement with an ad hoc committee of 8% noteholders.
The latest extension follows six months of talks by Canwest Global with senior lenders and U.S. bondholders to stave off bankruptcy protection as it juggles a growing CAN$4 billion ($3.56 billion) debt load.
As part of a wider restructuring process, Canwest Global is committed to complete its debt recapitalization by Oct. 31 when it aims to have fully repaid outstanding interest payments and loans.