CanWest closes two TV stations

CHEK TV in Victoria and CHCA TV in Red Deer will be closed by CanWest by the end of August;  two other subsidiary stations have been sold (Hamilton and Montreal) and Kelowna will be rebranded as a Global affiliate. So, the death toll rises as CanWest faces another deadline — July 31 — to come up with some kind of plan to pay down its debts and deal with its creditors. It’s not over yet; at some point the creditors and investors are going to lose patience and put CanWest into bankruptcy to sell off as much as possible and get some of their money back.

CBC, July 22 2009

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