Canwest Global Communications Corp was again given some breathing room
by its lenders, who agreed Tuesday to extend talks on the company’s
financial crisis until April 21, and also “to provide additional access
to credit availability,” said a company statement.
“Analysts have said it is possible Canwest, with its debt load of about
C$3.7 billion, may file for bankruptcy protection as the weak economy
wreaks havoc on advertising revenues at its television stations and
Meanwhile, the Canadian Press
reported that the federal cabinet “is considering a $150-million fund
for the country’s private broadcasters to help rescue local TV stations
and their newscasts … Members of the cabinet priorities and planning
committee met Tuesday to discuss their options for helping broadcasters
who warn they are stretched to the max, sources said.”
CanWest closed in the day’s trading at 29 cents, two cents up from its 52-week low and far below the year’s high of $4.950.
Context and my opinion of near-monopolies in media are in this previous Townhall post.