Canwest extends deadline to move Post into paper unit
Move could facilitate sale of entire newspaper unit
Canwest Global Communications Corp. said Friday it has received an extension from noteholders of Canwest Media Inc. on discussions to potentially shift the National Post daily to another division.
The Winnipeg-based company said it has until next Thursday to determine whether the company will move the daily newspaper into the Canwest Limited Partnership, which includes all its other city dailies, including the Montreal Gazette, Edmonton Journal and Ottawa Citizen.
The original deadline was set for Oct. 15.
Canwest is expected to shift the Post into its LP division as part of an effort to make the newspapers more attractive for buyers.
Some analysts have estimated that the grouped-together assets could fetch more than $1 billion on the market.
Last week, several Canwest divisions filed for creditor protection in both U.S. and Canadian courts, as the company grappled with a $4-billion debt load.
The National Post Company is one of the divisions under creditor protection, but the local dailies are not.