Canada’s beleaguered media giant Canwest puts newspaper division under bankruptcy protection
By APFriday, January 8, 2010
Canwest newspaper division under court protection
TORONTO — Canada’s insolvent media giant Canwest Global Communications has put its entire newspaper division under bankruptcy protection.
The company said Friday that it filed for creditor protection in an agreement with its lenders to help accelerate the company’s ongoing restructuring.
Canwest says it has also arranged for 25 million Canadian dollars ($24 million) in financing from its senior lenders.
Canwest’s Global Television network and National Post newspaper were put under bankruptcy court protection several months ago.
The company’s main newspaper division has been operating outside of creditor protection while Canwest worked on a deal with creditors to cope with billions of dollars of debt.
Canwest owns major dailies such as the Montreal Gazette, Ottawa Citizen and Calgary Herald.
