CTVglobemedia has done quietly what has so far eluded rival Canwest Global, namely to renegotiate new lending terms with its bankers.

Minority shareholder Torstar Corp. said on Wednesday that CTVgm agreed to terms on new credit facilities with its lenders on April 30.

Departing Torstar CEO Robert Pritchard told analysts during a morning conference call that CTVgm managed to negotiate new debt covenants ‘that reflect the current challenges of the business and will allow CTV to focus on building value over the next few years.’

The financial news, revealed in Torstar’s latest financial results, came on the same day debt-laden Canwest received yet another extension on its own creditor talks to May 19.

Torstar also revealed that its share of losses at CTVgm during the first three months of 2009 was $6.9 million, against a year-earlier loss of $500,000, and came mainly from a $5.3 million impairment charge on the struggling A channels.

Given Torstar’s 20% stake in CTVgm, that would put the latter’s first-quarter 2009 losses at an estimated $34.5 million.

CTVgm in a CRTC filing last February predicted pre-tax losses at its conventional stations between $90 million and $100 million in 2009 as the TV ad meltdown began to bite.

Torstar on Wednesday said ad revenue at CTVgm’s conventional TV and radio stations fell during the first three months of the year just as higher programming and production costs, especially in the run-up to the 2010 Olympic Games in Vancouver and Whistler, forced up operating expenses.

Torstar said CTVgm managed to offset its recent losses with lower debt charges and a gain on the sale of half of the broadcaster’s stake in Maple Leaf Sports and Entertainment.