Canwest talks progress with new agreement

WINNIPEG - Canwest Global Communications subsidiary Canwest Limited Partnership has struck a forbearance agreement with its senior lenders while they continue discussions regarding a potential recapitalization transaction.Under the agreement, the senior lenders have agreed not to enforce their rights under the senior credit facility arising from the company’s previous defaults before October 31, 2009. Canwest has agreed to pay all outstanding interest and fees, and to continue such payments during the forbearance period.The forbearance agreement is subject to the satisfaction of certain milestones including reaching an agreement on the principal terms of a recapitalization transaction by September 30, 2009.www.canwest.com