Canwest Global Communications Corp. issued a news release yesterday announcing that a group of creditors has extended a deadline once again.
An ad hoc committee of holders of eight-percent notes in the subsidiary Canwest Media Inc. were supposed to have agreed by July 31 on a recapitalization agreement. That was extended to August 14. According to a company news release, it has been extended again to August 28.
The holders of 12-percent senior secured notes have also extended the deadline to August 28. Canwest, which owns the Global TV network and 13 major daily newspapers including the Vancouver Sun and Province, is carrying a $3.7-billion debt.