Business News

Canwest and Ad Hoc Committee of 8% Noteholders Continue Discussions Relating to a Recapitalization of Canwest Media Inc.

Monday 20. July 2009 - Canwest Global Communications Corp. announced today that its subsidiary, Canwest Media Inc. ("CMI"), is continuing discussions with the members of an ad hoc committee (the "Ad Hoc Committee") of 8% noteholders of CMI regarding a recapitalization transaction.

The holders of the new 12% senior secured notes of CMI and Canwest Television Limited Partnership as well as CIT Business Credit Canada Inc., the provider of a senior secured revolving asset-based loan facility to CMI, have agreed to extend to July 31, 2009 certain milestones that were to be have been achieved by July 17, 2009. The date by which CMI must enter into an agreement in respect of a recapitalization transaction is July 31, 2009.

CMI and the members of the Ad Hoc Committee have also entered into a further extension agreement and forbearance to July 31, 2009.