Black Press emerges from creditor protection

Black Press Ltd., the owner of dozens of community newspapers across Western Canada, says it has emerged from creditor protection following the restructuring and sale of the company.

The Surrey, B.C.-based publisher announced in January it had enteredcreditorprotectionunder the Companies' Creditors Arrangement Act.

On Monday it said it has closed its previously announcedsaleofthecompanyto Canadian institutional investors Canso Investment Counsel Ltd. and Deans Knight Capital Management Ltd. as well as Carpenter Media Group.

BlackPresssays it is now on solid and sustainable financial footing and will be able to continue to publish impactful local journalism and advertising.

BlackPresspublishes 150 daily and weekly newspapers, magazines and websites across Canada and the U.S. and employs approximately 1,200 people.

Under the termsofthesale,BlackPresswill remain Canadian-owned.