CanWest shares tumble

[daleo]

NEW YORK, TORONTO — CanWest Global Communications Corp. shares were off more than 17 per cent Friday as the company continued meetings with potential partners in its search for financing that would help stave off a possible filing for bankruptcy protection in the weeks ahead.

The media company's shares were down 7.5 cents on the Toronto Stock Exchange, dropping to 35 cents in early-afternoon trading. CanWest chief executive officer Leonard Asper has spent this week in meetings with senior lenders in hopes of securing enough financial flexibility to let the company restructure its operations on its own.

While those talks are being steered by the CEO, CanWest is also holding negotiations with potential buyers to sell non-core assets. CanWest has publicly announced it wants to sell its E! television network, but other assets are said to have been placed on the block as well.

Mr. Asper is pushing to secure a financial lifeline for CanWest before the end of the month. Yet even if he is successful, the price of that lifeline could be steep. Some potential investors — including Fairfax Financial Holdings Ltd. — want to seize control of the company from the Asper family in exchange for any cash infusion.
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http://business.theglobeandmail.com/servlet/story/RTGAM.20090220.wcanweststock0220/BNStory/Business/home
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A lot of right wing pundits might be looking for jobs soon.

[Spazito]

1. Wow, they are in penny stock territory!

Thanks for this, very interesting.