Canwest Global Communications on Tuesday said senior lenders have agreed to extend talks on its $300-million credit facility to April 21.

Winnipeg-based Canwest Global said the latest two-week reprieve puts it closer to a possible recapitalization of its $3.9-billion debt load.

The broadcaster said its bankers agreed to extend a waiver to subsidiary Canwest Media for ‘certain borrowing conditions’ on the credit facility beyond the latest April 7 deadline. In early February, bankers first limited Canwest Global’s access to the $300-million credit facility amid a worsening economic downturn.

Without being specific, Canwest Global said in a statement late Tuesday that its bankers have ‘agreed to provide additional access to credit availability’ that should enable the broadcaster to continue operating normally until April 21.

Canwest Global faces a separate April 14 deadline to make a US$30.4-million missed payment to U.S. bondholders.

Canwest Global on Tuesday said it has begun talks with a majority of its U.S. bondholders that, along with the separate and ongoing credit facility talks, could open the way to an overall debt recapitalization if it is successful.

Should Canwest Global fail to renegotiate its credit facility or make the US$30.4-million payment to bondholders, it faces potential default on its debt load, which in turn could force it to seek bankruptcy protection.

To avoid that route, Canwest Global has begun asset sales and cut operating costs to raise much-needed cash for debt servicing.