Time’s up for offers on Canwest papers

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This article was published 05/03/2010 (5922 days ago), so information in it may no longer be current.

TODAY is the deadline for offers to purchase the assets of Canwest Limited Partnership, the Canwest unit that owns digital media and newspapers across the country, in a separate court-supervised process.

The Big Five Canadian banks, which are Canwest’s senior secured lenders, have put in an initial bid of about $925 million to get the auction going. But they hope to get a higher offer of more than $1 billion so they can get their loans repaid.

Several bidders have emerged, including three Canadian media veterans, headlined by former Canadian senator Jerry Grafstein, who launched a bid in January for three papers — the National Post, the Montreal Gazette and the Ottawa Citizen.

Under that offer, Canwest would have to find someone else to buy the rest of its newspaper operations, which include the Edmonton Journal, Victoria Times-Colonist and two Vancouver dailies, the Sun and Province.

Victoria, B.C.-based Black Press, the small-market newspaper chain headed by businessman David Black, is also reported to be in the running.

Another B.C. publishing outfit, community newspaper publisher Glacier Media Inc., is reported to be in the hunt for Canwest’s smaller papers, as is a group led by National Post chief executive Paul Godfrey.

— Staff / CP