Canwest gets yet another deadline

The saga continues as another Canwest debt deadline has been extended. This time the TV side of the company, Canwest Media Inc. (CMI), received a further two-week extension to come up with a recapitalization agreement.
According to a press release today: “the holders of the 12% senior secured notes of CMI and Canwest Television Limited Partnership as well as CIT Business Credit Canada Inc., the provider of a senior secured revolving asset-based loan facility to CMI, have agreed to extend to September 25, 2009 certain milestones that were to be have been achieved by September 11, 2009. The date by which CMI must enter into an agreement in respect of a recapitalization transaction has been extended to September 25, 2009.
“CMI and the members of the Ad Hoc Committee have also entered into a further extension agreement and forbearance to September 25, 2009.”
This follows an announcement Thursday that the newspaper side of Canwest has reached a deal to postpone some debt payments until the end of October.
Canwest has a total debt of about $4 billion.