WINNIPEG – Canwest Global said this morning today that its subsidiary, Canwest Media Inc and its senior lenders have agreed to extend the waiver of certain borrowing conditions again, this time until May 19th.
The release is the same as the others have been, noting “(t)he members of an ad hoc committee of 8% noteholders, which collectively hold approximately 72% of the outstanding notes, have also agreed not to demand payment of their notes for a period ending May 19, 2009 to coincide with the expiry date of CMI’s waiver agreement with its senior lenders.”
And: “During the extension period, CMI’s senior lenders have agreed to provide the Company with additional access to credit.”
CMI continues discussions with its senior lenders and representatives of an ad hoc committee of 8% noteholders.
This is the most recent in a series of extensions as the giant television and newspaper company struggles with a negative economy and about $4 billion in debt.
