Shares of Canwest Global Communications plunged into freefall this week, dropping to historic lows before closing Friday at 13 cents, off from a 52-week high of $3.59. The fall comes on the heels of Monday’s reprieve from the company’s creditors, who gave Canwest yet another extension to reach a deal on a recapitalization plan — a further two weeks, to June 30.  (The Canwest press release is here; the Reuters report is here).

Editor and Publisher headlined its latest story about Canwest’s woes with a labour angle: “Canwest Seeks 5% Wage Cuts to Avert Bankruptcy.” It quoted as a source the Canadian Press, which reported that company executives would be included in any cuts.

Meanwhile, Canwest-owned papers reported: “Canwest Publishing CEO/President Skulsky given honorary doctorate from BCIT,” reported the Vancouver Sun. “Dr. Skulsky tells BCIT students to aim high,” headlined the Province, also of Vancouver.

Shares of Canwest Global Communications plunged into freefall this week, dropping to historic lows before closing Friday at 13 cents, off from a 52-week high of $3.59. The fall comes on the heels of Monday’s reprieve from the company’s creditors, who gave Canwest yet another extension to reach a deal on a recapitalization plan — a further two weeks, to June 30.  (The Canwest press release is here; the Reuters report is here).

Editor and Publisher headlined its latest story about Canwest’s woes with a labour angle: “Canwest Seeks 5% Wage Cuts to Avert Bankruptcy.” It quoted as a source the Canadian Press, which reported that company executives would be included in any cuts.

Meanwhile, Canwest-owned papers reported: “Canwest Publishing CEO/President Skulsky given honorary doctorate from BCIT,” reported the Vancouver Sun. “Dr. Skulsky tells BCIT students to aim high,” headlined the Province, also of Vancouver.

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