Canwest seeks quick restructuring

An Ontario judge has granted Canwest Global Communications' bid to fast-track its exit from bankruptcy protection.

Ontario Superior Court Justice Sarah Pepall approved a timeline on Wednesday that proposes to make an agreement with creditors final by the end of January.

The company — which owns the National Post newspaper and the Global television network —filed for court protection on Oct 6.  It owes $4 billion and has been hit hard by the downturn in advertising revenues during the recession.

The media conglomerate's lawyer, Lyndon Barnes, told the court judge the plan should be enacted sooner rather than later, and said he believes everyone involved agrees that the company is working on an aggressive timetable.

It was the first time that Canwest and its creditors have appeared in court since the company sought protection from  creditors for part of its media empire.