Canwest Global stay period extended

The Ontario Superior Court of Justice has granted Canwest Global
Communications Corp.’s request to extend its stay period to November 2010. The stay is granted under the Companies’ Creditors Arrangement Act (CCAA).

Broadcaster Magazine reports:

“In the Initial Order obtained by the CMI Entities under the CCAA on October 6, 2009, the Court provided a 30 day stay period which it has extended on several occasions, most recently to September 8, 2010.”

The sale of Canwest’s television assets to Shaw Communications depends on conditions, including approval from the Canadian Radio-television and Telecommunications Commission (CRTC).

CRTC’s public hearings about the sale are scheduled to begin on September 20, 2010.