Canwest wants restructuring plan with creditors in place by end of January

CanWest News Service
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TORONTO - A lawyer for Canwest Global Communications says the media company wants to have a restructuring plan with its creditors approved by the end of January.
The media conglomerate's lawyer Lyndon Barnes told an Ontario Superior Court judge the plan should be enacted sooner than later, and that he believes everyone involved agrees that the company is working on an aggressive timetable.
It was the first time that Canwest, and lawyers for its creditors and others, have appeared in court after the owner of Global TV, the National Post and a group of urban daily papers, filed for creditor protection last week.
The company has nearly $4 billion in debt, incurred mostly when it bought Conrad Black's newspaper assets in 2000 and a group of specialty channels from Alliance Atlantis in 2007.
Judge Sarah Pepall approved the proposed time frame for Canwest's restructuring.

Organizations: Canwest, Ontario Superior Court, National Post Alliance Atlantis

Geographic location: TORONTO

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