Canwest toils with deadlines, debt, cost-cutting concessions

In recent months, newspaper publisher and broadcaster Canwest Global Communications has struggled to streamline its operations and slash rising debt. Here is a timeline of recent events, tracking the company's difficult journey in the economic slowdown.

Oct. 6, 2009Canwest gets court protection from creditors

Canwest announces that some of its business units, including the National Post newspaper and Global Television, have obtained court protection from their creditors.

Sept. 24, 2009 Canwest sells stake in Australia's Ten TV network

Australian investment bank Macquarie Capital Advisers agrees to pay $634 million for all of Canwest's ownership interest in Australian broadcaster Ten Network Holdings Ltd.

July 23, 2009Canwest closing TV stations in Alberta, B.C.

Canwest Global Communications Corp. is closing two TV stations in its second network, CHEK-TV in Victoria and CHCA-TV in Red Deer, Alta., effective Aug. 31.

The decision was a "last resort," Canwest Broadcasting president Peter Viner said.

June 29, 2009 Canwest selling TV stations in Montreal, Hamilton

Canwest Global Communications Corp. says it is selling two conventional television stations in Montreal and Hamilton to an affiliate of Channel Zero Inc., an independent Canadian television broadcaster.

June 17, 2009Canwest gets another extension to reach deal with creditors

Canwest Global Communications Corp. says a key group of creditors agreed to extend adeadline for its Canwest Media Inc. subsidiary to reach a deal on a long-term recapitalization.

June 12, 2009 Canwest seeks concessions from unions

Unions at Canwest Global Communications newspapers say they are being asked to enter concession talks, as the company struggles with restructuring and a $3.9 billion debt load.

May 29, 2009 Canwest Global subsidiary misses $10M in debt payments

Canwest says a subsidiary that owns 12 major daily newspapers and other publications has decided to defer about $10 million in debt payments. The payment deferral by Canwest Limited Partnership is intended to allow it to continue normal operations while it tries to work out a broader financial restructuring. In addition to the 12 dailies, the subsidiary operates 26 community newspapers and more than 80 online publications.

May 20, 2009 Canwest raises $175M in new financing

Cash-strapped Canwest says it has arranged up to $175 million in new financing. Some of the company's current subordinated noteholders have agreed to buy $100 million of senior secured notes, with a face value of $105 million, in two Canwest Global subsidiaries, Canwest Media Inc. and Canwest Television Limited Partnership. Meanwhile, CIT Business Credit Canada Inc. has agreed to provide a $75-million asset-backed loan to Canwest Media.

May 6, 2009 Lenders give Canwest more time

Canwest Global Communications Corp. announces it has been granted another two-week extension on a $30.4-million interest repayment. "During the extension period, [Canwest Media's] senior lenders have agreed to provide the company with additional access to credit," the company said in a release. Canwest said its lenders have agreed not to demand repayment of the full $761 million that the company owes to them.

April 29, 2009 National Post halts Monday edition for the summer

The National Post announces plans to suspend publication of its Monday edition for nine weeks this summer as a cost-cutting move. Spokesman John Douglas told Reuters the temporary cancellation of the Monday edition will begin June 1. Other than that, the paper will be operating normally with no layoffs or changes in content, said Douglas. The paper, owned by Winnipeg-based Canwest, has already chopped its weekday editions in Saskatchewan and Manitoba and stopped home delivery in Atlantic Canada a year ago.

April 5, 2009 Canwest faces Tuesday deadline for restructuring debt agreement

Canwest Global Communications Corp. heads toward another deadline to restructure a debt agreement with its bankers, but time could be running out for the broadcaster and newspaper publisher as it tries to solve its financial woes, having already been given an extension by lenders.

Feb. 26, 2009 Ottawa Citizen financially pinched by Canwest woes, employees say

Employees at the Ottawa Citizen are feeling the pinch caused by its parent company's financial woes, even though the paper itself is financially profitable, according to current and former workers there.

Feb. 25, 2009 Canwest selling its stake in Score Media

Canwest says it is selling its stake in Score Media Inc., the owner of The Score all-sports television channel, back to the company.

Feb. 5, 2009 Canwest may sell TV stations

Canwest announces it may sell some of its television stations including CJNT-TV in Montreal, CHCH-TV in Hamilton, CHCA-TV in Red Deer, CHBC-TV in Kelowna and CHEK-TV in Victoria.

November 14, 2008 Charges send Canwest to $1.02B loss in Q4

Canwest says it lost $1.02 billion in its fourth quarter after the company took a charge of $1.01 billion to write down goodwill and the value of the broadcast licences of its Canadian conventional television operations.

November 12, 2008 Canwest cuts 560 jobs Canada-wide

Newspaper publisher and broadcaster Canwest announces it is cutting five per cent of its workforce across the country, or about 560 jobs, as part of its streamlining of operations in the face of an economic slowdown.