Canwest making headway in creditor talks, CEO says

Fri Jul 10, 2009 10:33am EDT
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OTTAWA (Reuters) - Canadian media company Canwest Global Communications, struggling under a debt load of nearly C$4 billion ($3.4 billion), said on Friday it is making progress in talks with creditors on a recapitalization plan.

"These transactions are, as you can expect, quite complex, but we're making some headway and our goals remain the same, which is to position our assets for the future and take advantage of the economy once it begins to improve with the proper capital structure," Chief Executive Leonard Asper told a conference call held to discuss the company's quarterly financial results.

Asper said he would not further discuss the recapitalization plan during the conference call.

Winnipeg-based Canwest, which owns the Global TV network and a stable of daily newspapers across Canada, reported a bigger loss on Friday due to a sharp drop in advertising and big writedown for its publishing business.

($1=$1.16 Canadian)

(Reporting by Susan Taylor; editing by Peter Galloway)