Canwest Global Communications Corp. has lined up $175 million to reshuffle its senior credit arrangements, and says it aims to have a definitive agreement with noteholders by July 15.
Canwest, struggling under $4 billion in debt, said some holders of its eight per cent senior subordinated notes - on which it has failed to pay US$30.4 million in interest due since March 15 - have agreed to pay $100 million for $105 million principal amount of senior notes paying 12 per cent.
The Globe and Mail says the deal acknowledges the key role the company's bond holders will play in the company's future.
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