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Canwest reaches agreement with lenders to extend waiver

Beleaguered media company Canwest Global Communications Corp. saidyesterday it has reached a deal with its senior lenders to extend awaiver of certain borrowing conditions until April 21.

Beleaguered media company Canwest Global Communications Corp. said yesterday it has reached a deal with its senior lenders to extend a waiver of certain borrowing conditions until April 21.

The company also said that during the next two weeks the lenders have agreed to provide additional access to credit availability. Just how much more was not immediately known.

Canwest said based on current cash flow projections it will have sufficient liquidity to continue to operate normally through the period.

Canwest missed a March 15 interest payment of approximately $30.4 million US relating to its outstanding eight per cent senior subordinated notes.

 
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