Owner of most of Canada's newspapers in anticaptory default

Opportunity to empower Canada's free press, as a shareholder of CanWest, it is suggested that CanWest seek a partner, that provides at least a billion in funds to CanWest for fifty percent of the stock
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[It is possible to offer a billion dollars to CanWest to acquire fifty percent of their shares. (Obviously Asper's 10 vote shares would become one vote shares in this.) These funds would be kept seperate, and used as a liquidity fund for CanWest. Business plan would pay down debt over time. CanWest large debt is not from running their businesses, from the purchase price to acquire Canada's newspapers, and manipulate them. Key factor in Canada's economic recovery is to have Canada's newspapers stop scamming. Censoring business numbers wrong. World economic meltdown from news organizations not reporting the news.]


TORONTO, Feb 26 (Reuters) - A deadline is nearing for negotiations between Canwest Global Communications Corp (CGS.TO) and the media giant's lenders to reinstate a credit facility that would help the company stave off a potential bankruptcy protection filing.

Early this month, Canwest -- Canada's biggest media company -- said its banks had limited borrowing on a C$300 million ($242 million) senior credit facility until Feb. 27 to just C$20 million above the C$92 million that had already been advanced to its Canwest Media unit.

The Winnipeg, Manitoba-based company has said talks were continuing to try to lift the borrowing cap after Friday and enable the key subsidiary to comply with its debt covenants.

A company spokesman had no comment on Thursday regarding the timing of any announcement.

Analysts have said it is possible that Canwest, with its debtload of about C$3.7 billion, may file for bankruptcy protection as the weak economy wreaks havoc on advertising revenues at its stable of television stations and newspapers.

Canwest is trying to slash its operating and capital costs and is looking at divesting non-core assets. It is considering selling five conventional TV stations and this week said it has agreed to sell its stake in sports broadcaster Score Media.

Successfully reinstating the credit facility in full would allow Canwest to continue to shore up its operations in the face of the economic slowdown.

CIBC World Markets analyst Bob Bek said on Thursday it's possible Canwest's lenders may be willing to give the company more time if it can convince the banks it can turn itself around.

"I still think it's a softer deadline and that it is easily extended if Canwest has enough concrete 'works in progress' to ease concerns," Bek said. "The banks don't want to force this prematurely."

Canwest is controlled by the Asper family of Winnipeg. It owns the Global television network and a chain of daily newspapers in Canada, including the flagship National Post. It also has television holdings in Australia through its stake in Network Ten.

Companies have cut back marketing spending as they tighten their belts to weather the economic downturn, and that has translated into much less advertising revenue for media groups like Canwest.

Canwest shares were up 3 Canadian cents at 35 Canadian cents on the Toronto Stock Exchange. A year ago, they were changing hands at C$6.11 each.