CanWest declares bankruptcy
Winnipeg-based CanWest Global Communications filed for bankruptcy protection on Oct. 6. The company holds approximately $4 billion in debt and is no longer able to keep up payment on the interest, according to court reports. The media company's properties include Global Television as well as 11 daily newspapers and a number of specialty television channels. A court-ordered restructuring of the debt will take approximately six months, after which it is likely that the company's television and newspaper assets will be sold.