By Mondo Times editors
Boulder Colorado USA
Posted on November 8, 2009 at 2:30pm

Canwest Global Communications "Saves" National Post

-- Bloomberg.com reported on October 30, 2009:

Canwest, the insolvent Canadian media company, won a judge’s approval to move the assets of the National Post to its solvent newspaper division, allowing the national newspaper to keep operating.

The Post, which hasn’t made a profit since its inception in 1998, would have been forced to close if the change hadn’t been approved because creditors wouldn’t let the parent company continue to fund it.

“There’s just no money to continue operating beyond today,” Canwest’s lawyer Lyndon Barnes told the judge. Moving the Post to the newspaper division is a “monumental step forward” in the restructuring plan, he said.

No one opposed the proposal to move the newspaper assets and it had the support of Canwest Media and Canwest Partnership creditors.

The full story:
http://www.bloomberg.com/apps/news?pid=20601082&sid=aImFGVU.vLNI

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