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Canwest wins more time; CP loses Sun papers

Canwest Global Communications has gained a respite from its creditors, while Canadian Press has lost the support of the Sun papers.

In a news release posted on its website, Canwest announced "a waiver of certain borrowing conditions until April 7, 2009."

As part of this process, CMI[Canwest Media Inc.] has advised its senior lenders that it will not make the March 15, 2009 payment of interest of approximately US$30.4 million on its outstanding 8% senior subordinated notes.

Under the terms of the notes, failure to make the interest payment does not permit the noteholders to demand payment of the approximately US$761 million principal amount of outstanding notes if the interest payment is made on or prior to April 14, 2009.

Meanwhile, Sun Media Corporation announced it will pull out of Canadian Press next year. (Canwest left in June 2007.)

According to a report in the Globe and Mail, CP is "playing down" the withdrawal:

Canadian Press executive editor Gerry Arnold played down the departure of Sun Media, noting that the news agency already plans to change its co-operative structure so there will no longer be members by the time Sun Media leaves. It will instead operate as a business with equity owners, including some investors from outside the news media.

Crawford Kilian is a contributing editor to The Tyee.

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