Canadian broadcaster gets deadline extension
MONTREAL — Cash-strapped Canuck broadcaster CanWest Global has been given yet another extension in its discussion with its creditors.
The deadline to reach a deal was today, but that has now been extended until the end of the month.
The Winnipeg-based company is in talks with a committee of note-holders that holds C$761 million ($671 million) in outstanding debts.
CanWest recently got a cash infusion of $154 million to allow it to keep its business rolling but it is struggling to make a deal to repay its $3.5 billion in debt, which was racked up when it bought cable channel owner Alliance Atlantis and a chain of Canuck newspapers.