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Canwest gets extension on borrowing conditions

Canwest gets extension on borrowing conditions

Canwest Global Communications Corp. has received a reprieve from its bankers until next month and says it will not make a $30.4-million interest payment on some its debt due this week.
Canada's largest media company had faced a Wednesday deadline for renegotiating borrowing conditions on its debt. It now has until April. 7.
Canwest said in a statement Wednesday it will continue talks with its senior lenders and representatives of an ad hoc committee of noteholders that would allow for a recapitalization of the company.
The company says a failure to make the interest payment on its notes due Friday does not permit the noteholders to demand repayment of the approximately $761 million principal amount if the interest payment is made on or before April 14.
Canwest has been under pressure from its lenders to prove that it's making inroads in its struggle to repay debt.


Updated : 2021-06-19 21:37 GMT+08:00