Canwest Gets $1.1 Billion Approval Of Sales From Ontario Superior Court

May 20, 2010


The nightmare that was the future of one of Canada’s largest newspaper networks has finally come to a close and it will soon be business as usual. The Ontario Superior Court approved the sale of the assets, which include  National Post, the Montreal Gazette, Calgary Herald, the Vancouver Sun and Ottawa Citizen, to a group of creditors led by National Post President and CEO Paul Godfrey for 1.1 billion Canadian dollars ($1 billion), including CA$950 million in cash. Ontario Superior Court Judge Sarah Pepall was the preciding judge in this case which will result in jobs for all Canwest’s full-time employees and only a 10 percent cut in its part-time work force.

According to an article in the Globe and Mail the group buying the newspapers includes U.S. hedge fund Golden Tree Asset Management, TD Asset Management, Invesco Trimark and others.

Canwest lawyer Lyndon Barnes said the company will continue moving forward with its plan to close the sale. The Godfrey-led group is aiming to finalize the purchase by mid-July.


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Dave Forde


Dave “The Connector” Forde has been involved in the marketing, public relations and technology industry across Canada for over 15 years in various sales and marketing roles, he launched The Connected One network of business sites which connects buyers to the right sellers. Profectio and PR In Canada covers news about the marketing and public relations industry each day helping professionals advance their career and businesses.
He also serves as an advisor to a number of businesses across the country. Find Dave on LinkedIn and Twitter.

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