Canwest Global posted a bigger full-year loss Friday due to restructuring costs and plunging ad sales in a challenging economy.

The broadcaster, operating under court-directed creditor protection, posted a full-year loss of $1.69 billion in 2009, which included $1.42 billion in non-cash impairment charges and other one-time items, against a loss of $1.04 billion in 2008.

Full-year revenue was off 8% to $2.87 billion, from $3.13 billion in 2008.

The Winnipeg-based company says it shed $213 million in group-wide operating expenses during 2009, with $141 million of those savings coming at home as it cut its Canadian workforce by 16%.

The ongoing restructuring included Canwest Global filing for creditor protection on Oct. 6, as it blamed a $4 billion debt load for derailing its Canadian and international TV, newspaper and digital businesses.

During the fourth quarter, Canwest Global reduced its losses from $1.02 billion in 2008 to $111 million during the latest three months to Aug. 31.

Fourth-quarter revenue fell 13% to $624 million, against $721 million in 2008.

‘While the abrupt and unprecedented decline in advertising revenue had a significant impact on Canwest, most business units continued to perform better than the industry average with online and specialty television reporting growth even in the face of recession,’ Canwest Global CEO Leonard Asper said in a statement after declining to conduct an analyst call.

The company expects to emerge from creditor protection as early as January after U.S. bondholders and other senior lenders complete a debt-for-equity swap to acquire a majority stake in Canwest Global.

That reorganization is expected to see Asper exit the executive suite as CEO and controlling shareholder.