BC newspaper group Black Press seeks new owners in restructuring sale
Black Press, a Metro Vancouver-headquartered media company that operates numerous local papers in BC, announced Monday it’s looking for new owners to restructure financially.
The company is seeking court approval to sell its businesses and assets to a group of Canadian investors — Canso Investment Counsel, Deans Knight Capital Management, and Carpenter Media Group.
Black Press plans to continue operating its various news outlets in BC and beyond under the new ownership, anticipating the sale will inject necessary capital into the business.
The Surrey Now Leader, Abbotsford News, Chilliwack Progress, Peace Arch News and Mission City Record are just some of the many papers it owns.
“The Transaction will put the company on solid and sustainable financial footing, enabling it to continue to serve its valued Canadian and American readers, customers, employees, and communities over the long term,” Black Press said in a press release.
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The company obtained its initial order Monday under the Companies’ Creditors Arrangement Act from the BC Supreme Court. Canso Investment Counsel will provide debtor-in-possession financing while Black Press enters a support agreement with some of its supporters.
“The Purchasers and the Company are committed to continue providing journalism excellence and outstanding advertising solutions to the many communities that Black Press serves.”