Canwest gets another extension

WINNIPEG - Canwest Global Communications’ subsidiary, Canwest Media Inc. and its senior lenders have agreed to extend the waiver of certain borrowing conditions until April 7, 2009, the company announced late Wednesday. This is the second such extension of the waiver. As well, the company has advised its senior lenders that it will not make the March 15, 2009 payment of interest of approximately US$30.4 million on its outstanding 8% senior subordinated notes. Under the terms of the notes, failure to make the interest payment does not permit the noteholders to demand payment of the approximately US$761 million principal amount...