Canwest makes agreement to shift National Post to Canwest Publishing

By Angela McDaniels

Tacoma, Wash., Oct. 28 - Canwest Global Communications Corp., Canwest LP and Canwest Media Inc. have reached an agreement to transition the assets and business of the National Post newspaper to Canwest Publishing Inc., according to a Canwest news release.

The agreement is part of the company's structured recapitalization process to align some shared services between Canwest Media and Canwest LP, which did not file for bankruptcy.

Canwest Media and Canwest LP will continue to sell advertising on a consolidated and coordinated basis through at least Aug. 31, 2010.

The transition of the business of the National Post and the realignment of the shared services are conditioned on the approval of lenders under Canwest LP's credit facility, CIT Business Credit Canada Inc. as lender to Canwest Media, the ad hoc committee of holders of Canwest's 8% senior subordinated notes and approval from the Ontario Superior Court of Justice.

Canwest Global is a Winnipeg, Man.-based media company that filed for Chapter 15 bankruptcy on Oct. 6 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 15 case number is 09-15994.

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