Receiver Appointed For Black's Ravelston

By: E&P Staff Hollinger Inc. said Friday RSM Richter Inc. was appointed receiver for The Ravelston Corporation Ltd. and Ravelston Management Inc., the entities press baron Conrad Black once used to control Hollinger Inc. and Hollinger International, publisher of the Chicago Sun-Times and dozens of other newspapers.

The appointment has the effect of halting Hollinger Inc.'s lawsuit against the Ravelston companies until at least May 20, Hollinger said. Black and his key lieutenant, former Sun-Times Publisher David Radler, resigned recently from the Ravelstons, which sought to go into receivership.

Another effect for Hollinger is to put into default $78 million in senior secured notes and $15 million in second priority secured notes that are scheduled to mature in 2011.

The notes were secured by Hollinger Inc.'s principal asset, Class A shares that represent a controlling voting interest in the publishing company Hollinger International.

RSM Richter is one of Canada's largest accounting firms.