Gazette, other Canwest papers face bankruptcy protection
Canwest Global Communications is putting the Montreal Gazette and its other newspapers under bankruptcy protection.
The Winnipeg-based company's Global Television operation was put under court protection several months ago, as was its National Post newspaper, as well as Canwest's online operations.
The country's largest newspaper chain is being acquired by the insolvent company's banks for $925 million as they aim to get their loans repaid by selling the National Post and other big-city dailies to the highest bidder in an auction that starts next week.
The company is running a $4 billion deficit.
Besides The Gazette and the Post, Canwest owns major dailies such as the Ottawa Citizen and the Calgary Herald.
The Gazette's Editor-in-Chief Alan Allnut said the news would not affect the newspaper's day-to-day operations.
"This really will have no material effect on the Gazette, on the way it is run," said Allnut. "We're not planning and changes as a result of the announcement."