CanWest extends debt again

Rose Major

CanWest has received yet another extension from senior noteholders as it seeks to recapitalise to fend off bankruptcy. The extension is the fifth since the Canadian media group decided it would defer C$10 million in payments due under its senior credit facility.

With discussions continuing with members of an ad hoc committee of 8% noteholders on a recapitalization transaction since the end of May, CanWest has announced an extension each fortnight since.

In the intervening period, the company has sold two of its conventional TV stations in Canada to Channel Zero Inc.