CanWest delays closing some TV stations
Canwest Global says it is delaying the potential closure of some of itsTV stations in smaller Canadian markets as the financially-strappedcompany negotiates with its banks.
TORONTO — Canwest Global says it is delaying the potential closure of some of its TV stations in smaller Canadian markets as the financially-strapped company negotiates with its banks.
Canwest had set a deadline of the end of March to sell, close, or restructure five stations which operate under the E! Network brand.
But the company says the deadline has been pushed back to the end of summer because it has received interest from potential buyers of some of the stations.
The E! Network operates stations in Montreal, Hamilton, Victoria, Red Deer, Alta., and Kelowna, B.C.
Interest has been expressed by local groups in some markets, including Hamilton, where CHCH employees are trying to put together a bid to buy the station which went on the air in 1954.
Canwest continues to work with its lenders to restructure its $3.9 billion debt.