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The Guardian - UK
The Guardian - UK
Business
Roy Greenslade

Banks grant CanWest a reprieve

CanWest Global Communications Corp, Canada's largest newspaper publisher, has been granted a two-week reprieve by creditors as it strives to avoid bankruptcy over its C$3.7bn (£2bn) debt burden. Banks have set an April 21 deadline while talks continue.

Canwest, controlled by Leonard Asper and his brother David, is struggling to stay in business while facing a C$30.4m (£16.7m) interest payment. It owns the Global television network and a stable of daily newspapers that includes the National Post.

A large part of Canwest's debt dates back to its 2000 acquisition of a stable of Canadian newspapers from Conrad Black's former company Hollinger International. (Via Reuters)

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