UPDATE 3-Canwest loss grows, focus stays on debt

* Q3 shr loss C$0.62 vs loss C$0.16 last year

* Adj Q3 shr loss C$0.32 vs profit C$0.07 year before

* Revenue falls to C$726.8 mln from C$846.2 mln

* In talks on recapitalization plan

* Considers cash investment, converting debt to equity

* Stock gains C$0.01 to C$0.075 on TSX (Adds details from conference call, analyst's comments, stock price)

By Susan Taylor

OTTAWA, July 10 (Reuters) - Canwest Global Communications (CGS.TO) reported a bigger quarterly loss on Friday as the Canadian media company, struggling to stave off bankruptcy, was hit by a big writedown and declining revenue.

Trying to stay afloat as it wrestles with a debt load of close to C$4 billion ($3.4 billion), the company said it is in default under terms of its credit facilities and continues work on a recapitalization plan.