Couldn't have happened to better people.
CanWest Global Communications Corp, Canada's biggest media company, reported a ballooning second-quarter loss Thursday after taking a $1.19-billion writedown, and said the outlook for advertising revenue remains grim.
CanWest, which owns the Global TV network as well as a stable of daily newspapers across Canada, is struggling with a debt load of about $3.7-billion in the midst of a deep recession.
The company continues to negotiate with banks to restructure the debt amid speculation that it may have to file for bankruptcy protection.
In the immediate future, the company faces a $30.4-million (U.S.) interest payment on its 8 per cent senior subordinated notes. It has already missed the payment once and if it fails to make it by April 14, the note holders can demand payment of about $761-million (U.S.) of principal.
http://business.theglobeandmail.com/servlet/story/RTGAM.20090409.wcanwes...