Canwest gets cash with new reprieve; to "take advantage of an improving Canadian economy," says CEO

WINNIPEG – Canwest Global said today it has secured $175 million in new financing that will let it pay debt and continue as-is for about another couple of months, when a deal to recapitalize the company has to be done. And CEO Leonard Asper told employees to keep plugging, making sure “the trains run on time” during this ongoing process. In official-press-release-speak the company “announced today that its subsidiaries, Canwest Media Inc. (“CMI”) and Canwest Television Limited Partnership, and certain members (the “Purchasers”) of the ad hoc committee of 8% senior subordinated noteholders (the “Ad Hoc Committee”) have entered into...