Canwest puts newspapers up for sale
By Adnews Staff
CanWest Global Communications has placed its newspaper division under creditor protection and up for sale. The division is now under the control of a group of secured lenders which together hold $953 million of the company's debt. The division includes the National Post, Victoria Times Colonist, Vancouver Sun, Vancouver Province, Edmonton Journal, Calgary Herald, Saskatoon StarPhoenix, Regina Leader-Post, Windsor Star, Ottawa Citizen and Montreal Gazette, as well as 26 community newspapers and various online properties. The National Post is not part of the creditor protection filing, but is part of the sale. In a statement, the lending group said the filing was in the best interests of employees and suppliers because it would keep the business operating.