CanWest, CRTC to talk foreign ownership

CanWest Global Communications Corp. has initiated talks with the federal government on a potential change of ownership as the company and its creditors negotiate a financial restructuring of its vast media properties.
The company, which owns more than a dozen newspapers across the country, the Global Television network and several cable TV channels, has taken the first steps needed in Ottawa, signaling to federal regulators that discussions will be needed on a possible new ownership structure.
At issue, according to several sources involved in the restructuring, is whether the company’s main creditors — a series of distressed-debt funds that own most of its bonds — can stay within Canadian ownership rules for broadcasting assets if they convert the debt they are owed into equity in the new restructured firm.