Creditors Clear Sale of Canwest Papers, Canada?s Biggest-Ever Newspaper Deal

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.

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