Vancouver: Last week, CanWest Global and Shaw Communications were back at the table renegotiating the sale of WIC Western International Communications.

Bruce Leslie, director of communications for CanWest, says reports that CanWest has walked away from the deal because of so-called ‘buyer’s remorse’ are unfounded. The company, he says, is overexposed tax-wise in the present $950-million deal signed in August and wants a second look at the deal.

‘We are exposed enough to go back and restructure,’ he says.

Leslie says the goal is to resolve the dissolution of assets soon, perhaps as early as year end.

At that time, CanWest will drop the continuing lawsuit against wic, Leslie adds. The lawsuit, begun in April, seeks to convert non-voting shares of wic to voting shares through the coattail provisions in wic’s ownership structure. The successful conversion of the non-voting shares would make CanWest the largest controlling shareholder.

Lawyers for CanWest requested more information from wic in September as part of the lawsuit.

‘CanWest has not walked away,’ says Leslie. ‘We’re moving forward trying to do a deal that will work for everyone,’ including CanWest, Shaw and Revenue Canada.

In the sale of wic, CanWest will collect wic’s television assets including bctv and specialty channel ROB Television. Shaw stands to gain the radio assets and Superchannel.