Moody’s Investors Service has downgraded Canwest Media Inc., a key part of Canwest Global Communications Corp., and said it’s unlikely it will repay $30.4 million of interest due today.

The Winnipeg-based media company is heading toward its latest deadline to make the overdue note payment to bondholders, who hold $761 million US in debt — about one-fifth Canwest’s total debt.

The company also has an extended April 21 deadline from the secured lenders, who could demand immediate repayment.

Canwest has received several extensions on its repayment deadlines partly because it has shown lenders that it’s struggling to sell off non-core assets in a difficult environment.

Some observers have suggested the company is only making futile attempts to find buyers, and has practically given up on the sale process.