UPDATE 1-Canwest unit to continue talks with lenders

* Canwest says unit to continue talks on recapitalization

* Lenders agree to extend dates, terms yet to be reached (Adds detail, background)

Oct 1 (Reuters) - Canadian media company Canwest Global Communications Corp CGS.TO, said its Canwest Limited Partnership unit is continuing discussions with its lenders over the framework for a potential recapitalization deal.

Canwest Global, which is wrestling with a massive debt load, said the Partnership's lenders under its senior secured credit facility have agreed to extend the dates, by which certain milestones have to be achieved, including an agreement on the terms of the recapitalization transaction.

On Sept 10, Canwest said senior lenders would not pursue any action against the unit for previously announced payment defaults until Oct. 31, in exchange for which it will pay all outstanding interest and fees due, and resume making payments as they come due. [ID:nN10417051]

On Aug 3, it said that the unit will not make the Aug. 1 interest payment of about $18.5 million on its 9.25 percent senior subordinated notes.

Canwest Limited Partnership owns and operates 12 daily newspapers and 23 community papers.

Shares of Winnipeg-based Canwest Global closed at C$0.195 ($0.182), Wednesday, on the Toronto Stock Exchange. ($1=1.069 Canadian Dollar) (Reporting by Biswarup Gooptu in Bangalore; Editing by Lincoln Feast)