Tue Oct 6, 8:49 AM The Canadian Press
WINNIPEG - The company that owns Global Television and the National Post newspaper is filing for creditor protection in a deal with a key group of lenders, as it seeks court approval to restructure a mountain of debt. Canwest Global Communications Corp. has been struggling for months to deal with the debt load, which the Winnipeg-based broadcaster took on when it bought the former Southam newspapers and the National Post earlier this decade. Business units of the media company that will be filing for creditor protection include the Canwest Television Limited Partnership, which holds Global Television, MovieTime, DejaView and Fox Sports World, and The National Post Company.
After the restructuring, Canwest creditors would receive shares of the restructured media company. Canwest's current shareholders would own just 2.3 per cent of the shares of the new Canwest. Leonard Asper and other members of Canwest's founding family have agreed to invest up to $15 million in the restructured company.
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