OTTAWA, Oct. 6 (Xinhua) -- Canada's media giant Canwest Global Communications Corp., which has been struggling to pay debts, has obtained court protection from their creditors for some of its business units while the company tries to restructure.

    The media conglomerate has come to an agreement with a committee representing some of its lenders over a restructuring plan. Under the agreement, some of the company's business units have applied for and received court protection under the Companies' Creditors Arrangement Act (CCAA), the Winnipeg-based company said Tuesday.

    Global Television, MovieTime, DejaView, Fox Sports World and the company that operates Canada's number-two national newspaper "the National Post" are among the units included in the filing.

    Canadian federal legislation allows financially troubled companies to continue their operations while allowing creditors to receive some form of payment for amounts owing to them.

    Under the rules, lenders are not allowed to seize assets as long as the company is working to reorganize its assets, and once the company has filed for court protection under the Companies' Creditors Arrangement Act.

    After the restructuring, Canwest creditors would receive shares of the restructured media company. On top of that, new Canwest stock would be issued and current shareholders would own just 2.3 percent of the new Canwest.

    The company's operations will continue uninterrupted during the recapitalization process. No layoffs and no asset sales are planned, Canwest Vice President John Douglas told reporters Tuesday.

    Canwest owns a variety of Canadian media assets including Global Television Network, the former Southam Newspaper chain and the Canwest News Service, which has bureaus in North America, Europe and Asia.

    Analysts say the restructuring effectively brings an end to Canwest's status as a dominant media player.