Meanwhile, In Canada: Asper Family Attempts To Regain Newspaper Assets

The Winnipeg-based Asper family is inching ever closer to regaining their hold on the paper group they lost as a result of massive debt within their media company. The family is now one of six bidders angling for a stake in CanWest LP, a Canadian newspaper chain which includes 46 titles, such as The Vancouver Sun and the National Post. The Aspers once owned CanWest Global Communications Corp. in its entirety.

CanWest LP’s creditors are currently sorting through the bids, which must be at least $950 million, or about $925 million USD, (the total amount they are owed), although some bids are said to be above $1 billion. The bids must also be for the chain as a whole as the creditors, which include some of the country’s largest banks, would prefer that the paper group not be divided.

The bid winner is expected to be announced within the coming months so that the chain may emerge from under creditor protection by this summer.