Article: Canwest Reaches Agreement with Members of the Ad Hoc Committee of 8% Noteholders with Respect to a Recapitalization.

Operations to continue uninterrupted during recapitalization process

Certain Canwest business units to file for creditor protection to implement recapitalization

Up to $100 million in DIP financing secured

WINNIPEG -- Canwest Global Communications Corp. ("Canwest" or the "Company") announced today that it has entered into an agreement with members of the ad hoc committee of 8% senior subordinated noteholders (the "Ad Hoc Committee") of Canwest Media Inc. ("CMI") pursuant to which it intends to pursue a recapitalization transaction.

The proposed recapitalization transaction is supported by members of the Ad Hoc Committee representing ...

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