Page last updated at 17:47 GMT, Friday, 8 January 2010

Canwest files for bankruptcy protection for newspapers

Ottawa Citizen website
Canwest wants to sell its websites and newspapers

Canadian media giant Canwest Global has put its entire newspaper division under bankruptcy protection as it seeks a buyer for the group.

The company said it had filed for creditor protection to help advance an ongoing restructuring plan.

RBC Capital Markets has been asked to oversee the sale and search for a buyer for the newspaper group.

The Montreal Gazette, Ottawa Citizen and Calgary Herald newspapers are all owned by Canwest.

It total, it owns 10 dailies and 26 community newspapers.

As well as its newspaper publishing, the divisions filing for protection include Canwest's associated digital media, online and mobile operations.

In a statement, the company said its creditors had agreed to take over the newspaper group unless a buyer comes forward with a better offer.

The company also said it had arranged 25m Canadian dollars ($24m; £15m) in financing from its senior lenders.

Canwest's Global Television network and National Post newspaper were put under bankruptcy protection several months ago.

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