Canwest gets another extension, Asper preaches patience to employees

WINNIPEG and TORONTO - Canwest Global Communications said this morning that its subsidiary, Canwest Media Inc. and its senior lenders have agreed to extend the waiver of certain borrowing conditions until May 5, 2009. 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. This is the latest in a series of extensions as the giant media company struggles with...