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Canwest Gets Third Lifeline with Lenders

April 8, 2009 6:01 AM | News

Canwest Communications GroupCanwest Global Communications has reached a deal with its lenders to extend talks until April 21. Hopefully the third time is a charm for the Winnipeg-based broadcaster, as two previous deadlines have come and gone.

The media company owes CAN $3.9 billion as it continues to dig itself out from under declining ad revenues.

Canwest shares remained unchanged at closing time Tuesday at 29 cents a share on the Toronto Stock Exchange.

Last month, Canwest gave a stay of execution to its five E! branded channels until the end of the summer after previously threatening to shut them down if it couldn’t find a buyer this spring.

— With files from The Canadian Press