CanWest Global Communications newspapers granted court protection

[daleo]

An Ontario court has approved an order placing the newspaper division of CanWest Global Communications Corp. (CGS-X0.07-0.005-7.14%) under creditor protection, paving the way for the company to begin looking for buyers for Canada's biggest newspaper chain.

A group of lenders led by Canada's five largest banks has agreed to take ownership of the newspaper operations under a “pre-packaged” financial restructuring under the Companies' Creditors Arrangement Act. But CanWest said Friday a search continues for other buyers who can make a superior offer.

...

The Asper family, which controls CanWest Global, will have no ownership of the newspaper operations under the restructuring proposal. The family jumped into the newspaper business in 2000 when CanWest agreed to buy the former Southam Inc. chain of papers from then-owner Conrad Black.

http://www.theglobeandmail.com/report-on-business/canwest-global-communications-newspapers-granted-court-protection/article1423798/

[HeresyLives]

1. Izzy spinning in his grave, no doubt.

'Shirtsleeves to shirtsleeves in 3 generations.'