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Canwest Global gets another two-week reprieve

WINNIPEG — Canwest Global Communications Corp. (TSX:CGS) has received another extension for its overdue debt to lenders.

The Winnipeg-based media conglomerate now has until May 19 to repay a $30.4 million debt to its bankers. Canwest says its lenders have also agreed to extend the waiver of borrowing conditions and continue providing credit during the period.

So far, the lenders have agreed to withhold their right to demand repayment of $761 million owed by Canwest, and instead chosen to continue negotiations.

Overall, the company has $3.9 billion in debt, which it is trying to recapitalize.

The extension is the latest of a series of reprieves for Canwest, which owns the National Post newspaper and Global television stations.

Reported by The Canadian Press

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