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CanWest Global wins 12-day reprieve

According to reports late Friday afternoon, CanWest Global has won a reprieve from its creditors -- but only until March 11.

A CP story in The Star says CanWest agreed to a reduction in its line of credit from $300 million to $112 million.

The Globe and Mail says that even if a deal isn't reached by March 11, CanWest may not have to seek immediate bankruptcy protection.

CanWest's own website, late Friday afternoon, still had no statement about the reprieve or its implications. The Financial Post listed CanWest's closing share price at 35.5 cents, up 1.5 cents.

Crawford Kilian is a contributing editor of The Tyee.

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