June 15, 2009 / 10:28 PM / 10 years ago

UPDATE 1-Canwest wins more time for debt plan

VANCOUVER, British Columbia, June 15 (Reuters) - Canwest Global Communications CGS.TO has gained another two weeks in its bid to reach a deal on a recapitalization plan, the company said on Monday.

The deadline to reach an agreement was set to expire on Monday, but holders of its 8 percent Canwest Media Inc. notes agreed to extend it to June 30, to allow discussions to continue.

Canada’s largest media company has been trying to avoid collapsing under its massive debt as it struggles with sharp advertising declines. The deadline for reaching a deal has already been extended several times. (Reporting Allan Dowd; editing by Rob Wilson)

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