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CanWest 'extends talks' with creditors

CanWest Global Communications Corp. has been granted a two-week reprieve, as major creditors have agreed to keep talking with the debt-burdened corporation.

And they'll provide more credit while talking about "certain borrowing conditions for its media unit." Reuters reports:

Analysts have said it is possible Canwest, with its debt load of about C$3.7 billion, may file for bankruptcy protection as the weak economy wreaks havoc on advertising revenues at its television stations and newspapers.

Still unclear is who might be willing to buy CanWest's TV stations or newspapers in such an economy, or what price CanWest might have to settle for.

In a news release on April 1, CanWest reported that its Australian TV subsidiary, Ten Holdings, saw considerable losses in the first six months of fiscal 2009.

Crawford Kilian is a contributing editor of The Tyee.

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