Saturday, October 31, 2009

CanWest cleared to shuffle National Post

An Ontario judge has approved a proposal by CanWest Global Communications Corp. (CGS-T0.23----%) to shift its flagship National Post newspaper to a subsidiary that contains the company's other newsprint assets, such as the Vancouver Sun and Ottawa Citizen.

In court documents filed this week, CanWest said it would have to close the newspaper if the asset shuffle weren't allowed since creditors at the parent company, which owns Global Television, didn't want to cover further financial losses at the paper. Creditors at the newspaper subsidiary agreed to move the National Post into the sub-company.

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