[markbarbera]

As posted on thespec.com:

Canwest says it must shift National Post to holding company, or shut it down

October 29, 2009
The Canadian Press
TORONTO — Restructuring media giant Canwest Global Communications says it will be forced to shut down the unprofitable National Post newspaper if its operations aren’t shifted into a different holding company by Friday.
The company says in court documents that its creditors refuse to keep funding the newspaper, which continues to suffer significant operating losses.
A number of Canwest divisions, including the Post, are operating under creditor protection and it says without the approval it would be forced to shut down the paper and lay off its 277 employees immediately.
The company says the Post shares a lot of operations with other Canwest newspapers, which are in a division that is not included under creditor protection.
Canwest says moving it under the same umbrella as the papers would help the Post keep its costs down.
A hearing on the matter is scheduled for Friday in Toronto.