Canwest gets another extension

Stop me if you’ve heard this one before: my employer Canwest got another extension on its bank debt deadline. So the waiver on certain borrowing conditions now lasts until April 21. But Canwest still has to make a $30.4-million interest payment by April 15 (the end of a month-long grace period), or bondholders could push the company into bankruptcy.

The Globe piece talks about the war between banks and bondholders (and why the latter might be better off giving Canwest more time), and also speculates (with unnamed sources) about potential sales of newspapers, either individually or as a group. (Anyone want to spend a couple of billion on a mostly-nationwide newspaper chain?)

See you next week.

UPDATE (April 9): $1.4-billion quarterly loss, though most of that is in the form of a non-cash writedown. I hope they don’t take that out of my paycheck.

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