Canwest reports $1.4 billion loss

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Another deadline today (21st).
Deadlines come and go as CanWest tries to restructure debt, but so far its not looking brighter (for them).

Moody's Investors Service downgraded one of Canwest's probability-of-default ratings on Monday, and also said it viewed the missed interest payment on the notes as an event of default.

While critical, the senior subordinated note negotiations are only the tip of the iceberg for Winnipeg, Manitoba-based Canwest, which has a debtload of about C$3.7 billion ($3 billion), some of it dating back to its 2000 acquisition of newspaper assets from Hollinger International.

While talks with creditors continue, Canwest's lenders have clamped down on the amount of credit they are willing to advance the company....

Kaspar Hauser