CanWest is looking to buy back units of CanWest MediaWorks, its poorly-performing Canadian income trust. They just got taken to the cleaners on the Alliance-Atlantis deal and the newspaper business is not exactly thriving. This company is so over-leveraged that, I believe, the next spike in interest rates should cause the wheels to come off:
"The income trust currently has about $791-million in debt, and a market value of $421-million, according to yesterday's trading price. That means CanWest could be adding more than $1.2-billion worth of debt at the parent level if it took the trust private without selling the Australian assets."