WINNIPEG – One of these deadlines has got to be the real one. It’s May 5th and CanWest Global Communications faces yet another deadline with its lenders and bondholders.
As was said in its last release: “The members of an ad hoc committee of 8% noteholders, which collectively hold approximately 70% of the outstanding notes, have also agreed not to demand payment of their notes for a period ending May 5, 2009 to coincide with the expiry date of CMI’s waiver agreement with its senior lenders.”
And, the company’s senior lenders agreed to waive debt covenants Canwest is currently in violation of until today, but many deadlines have come and been re-set by both groups, neither of whom really want to push the company into bankruptcy owing about $4 billion.
Stay tuned to Cartt.ca for more later today.
