By: Mark Fitzgerald
Creditors of Canwest Limited Partnership, Canada’s largest chain of English-language newspapers, overwhelmingly approved the C$1.1 billion deal to sell the Winnipeg-based publishing company to a group headed by veteran newspaper publisher Paul Godfrey.
At a meeting in Toronto, Canwest LP said, the FTI Consulting Canada Inc., the monitor appointed by the court overseeing Canwest’s bankruptcy, reported that 97% of creditors, representing 99% of claims, voted to accept the sale plan. The plan needed a two-third approval by creditors.
The deal now goes to an Ontario court for final approval. The sale is expected to close July 15.