Tuesday, October 6, 2009

Canwest's holding company to file for protection

Canwest Global Communications Corp.’s holding company will apply for bankruptcy protection on Tuesday as it continues to work on a plan to recapitalize the country’s largest media conglomerate. The broadcaster and newspaper publisher has been negotiating with lenders after its holding company Canwest Media Inc. (CMI) missed a US$30.4-million interest payment due March 15. The missed payment had the potential to trigger the payment of US$761-million of 8% senior subordinated notes.

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