Canwest reviewing restructuring proposals- paper

May 11 (Reuters) - Canwest Global Communications Corp CGS.TO, which has been getting continuous extensions in talks with lenders, is reviewing as many as four restructuring proposals from outside investors to help it avoid filing for protection from creditors, the Globe and Mail said.

The company will look at some of the proposals this week, the paper said, citing sources close to CanWest.

Potential firms interested in participating in a recapitalization of Canada's largest media company could include Fairfax Financial Holdings Ltd (FFH.TO), Onex Corp (OCX.TO) and Brookfield Asset Management Inc (BAMa.TO), according to the paper.

The paper added that an unnamed Australian private equity investor is also interested in a stake in the company's Australian television network.

The restructuring would be done along with Canwest's senior lenders and would likely involve swapping debt for equity in the company, if all sides agree, the paper said.

Canwest, which could not be reached for comment by Reuters, wants to restructure roughly C$4 billion ($3.48 billion) of debt.

($1=1.149 Canadian Dollar) (Reporting by Ajay Kamalakaran in Bangalore)