CanWest granted two-week bank extension

The new deadline sets the stage for a pivotal week of negotiating with bondholders. The bondholders are largely made up of hedge funds who are negotiating as a bloc. They hold great sway over the company's fate because if CanWest doesn't make a $30.4-million interest payment to them by April 15, they can push the company toward insolvency.
CanWest says that if it can negotiate a deal with the bondholders, it would allow the company "to pursue a recapitalization transaction."