Black Press Ltd. files for creditor protection, announces sale
SURREY, B.C. — Black Press Ltd. says it has entered creditor protection under the Companies’ Creditors Arrangement Act (CCAA) along with a sale of the company.
Along with the CCAA proceedings, it has entered into a sales agreement to Canso, Deans Knight Capital Management Ltd. and Carpenter Media Group through a support agreement and term sheet.
The Surrey, B.C.-based publisher behind community news outlets focused on Western Canada says the order provides a stay of proceedings and approves debtor-in-possession financing by Canso Investment Counsel Ltd.
Subsidiary Black Press Media intends to continue to operate its local news publications within Canada, with its head office remaining in Surrey, B.C.
The company publishes 150 daily and weekly newspapers, magazines and websites including the Abbotsford News, Surrey Now-Leader and Yukon News.
Black Press, which also has publications in Washington, Hawaii and Alaska, says it will seek recognition of the CCAA proceedings in the U.S.
This report by The Canadian Press was first published Jan. 15, 2024.
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