Court grants Canwest extension
Company now has until March 31 to recapitalizeTORONTO -- As efforts at Canwest Global Communications Corp. to sell off assets and resolve creditor infighting drag on, an Ontario court has granted the debt-laden media group more time to complete a restructuring plan.
The Ontario Superior Court of Justice gave Canwest Global's holding company Canwest Media and related subsidiaries until March 31 to recapitalize with the continuing protection of the Companies' Creditors Arrangement Act.
The last court-directed extension was to have expired on Jan. 22 and comes as Canwest Global holds an auction of its newspaper assets and fields possible offers for its broadcast assets.
The Canadian broadcaster and newspaper publisher originally sought bankruptcy protection on Oct. 6 after it buckled under the weight of around $4 billion in debt and plunging TV and print ad revenue during the economic downturn.