WINNIPEG – Another day, another busted deadline.
Canwest Global Communications announced late Tuesday that its subsidiary, Canwest Media, is continuing discussions with the members of an ad hoc committee of 8% noteholders of CMI regarding a recapitalization transaction.
“The holders of the new 12% senior secured notes of CMI and Canwest Television Limited Partnership as well as CIT Business Credit Canada Inc., the provider of a senior secured revolving asset-based loan facility to CMI, have agreed to extend to July 17, 2009, the date by which CMI must reach an agreement in principle with members of the Ad Hoc Committee in respect of a recapitalization transaction, as well as certain other milestones that were to be achieved by June 30, 2009,” reads the release.
This new date for an agreement in principle is past the original date set for such an agreement to have been completed, however last month, Canwest CEO Leonard Asper did warn employees that these efforts would go on through the summer.
“The date by which CMI must enter into a definitive agreement in respect of a recapitalization transaction has been extended to July 31, 2009. CMI and the members of the Ad Hoc Committee have also entered into a further extension agreement and forbearance to July 17, 2009,” concludes the release.
