Canwest Media recapitalization deal deadline, forbearance extended

By Caroline Salls

Pittsburgh, July 31 - Canwest Media Inc.'s deadline for entering into a recapitalization transaction has been extended to Aug. 14, according to a company news release.

Canwest Media said it is in continuing discussions with the members of an informal committee of 8% noteholders regarding the potential recapitalization.

As a result, the holders of the company's 12% senior secured notes and the provider of its senior secured revolving asset-based loan facility have agreed to extend some of the milestones Canwest Media was previously required to achieve by July 31.

In addition, the members of the noteholders group have agreed to extend their forbearance agreement to Aug. 14.

Canwest Media is a subsidiary of Winnipeg, Man.-based media company Canwest Global Communications Corp.

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