CanWest papers emerge from creditor protection

After seven months of court proceedings the newspapers formerly owned by CanWest Global Communications Corp. have emerged from creditor protection. The company announced on Tuesday that it had completed the $1.1-billion sale of the newspapers to a group of its unsecured lenders. The country’s largest chain of newspapers is now owned by new holding company Postmedia Network Canada Corp., and operated by its subsidiary Postmedia Network Inc. Paul Godfrey, the current chairman and chief executive officer of the National Post, now assumes the role of president and chief executive officer of Postmedia. Mr. Godfrey is in the process of appointing his senior staff at Postmedia, including his successor at the National Post.