Canwest Global Communications has gained $175 million in new financing, the media corporation announced today.

In a news release, Canwest said some of its lenders have agreed to buy "12% senior secured notes" in its subsidiaries Canwest Media Inc. and Canwest Television Limited Partnership for $100 million. Canwest Media is also receiving a $75 million loan from CIT Business Credit Canada.

According to the release,

Both transactions are expected to close on May 21, 2009. Senior lenders under its existing credit facility extended their waiver agreement until June 2, 2009 and also agreed to defer certain payments aggregating approximately $10 million until June 2, 2009, which will allow completion of the new facilities tomorrow.

CMI and the members of the Ad Hoc Committee have entered into a further agreement and forbearance until June 15, 2009, subject to completion of the issuance of the Senior Secured Notes.

A story on the deal published in the Globe and Mail says the deal will enable Canwest to operate for about three months while it continues to work toward a restructuring.

Crawford Kilian is a contributing editor of The Tyee.