Black Press Ltd., the owner of dozens of community newspapers across Western Canada, says it has emerged from creditor protection following the restructuring and sale of the company.
The Surrey, B.C.-based publisher announced in January it had entered creditor protection under the Companies’ Creditors Arrangement Act.
On Monday it said it has closed its previously announced sale of the company to Canadian institutional investors Canso Investment Counsel Ltd. and Deans Knight Capital Management Ltd. as well as Carpenter Media Group.
Black Press says it is now on solid and sustainable financial footing and will be able to continue to publish impactful local journalism and advertising.
Black Press publishes 150 daily and weekly newspapers, magazines and websites across Canada and the U.S. and employs approximately 1,200 people.
Under the terms of the sale, Black Press will remain Canadian-owned.