Canwest transfers National Post assets

Seen as prelude to sale of Canwest Limited Partnership

TORONTO -- Canwest Global Communications has transferred the National Post newspaper to its publishing division, Canwest Limited Partnership.

The shift from Canwest Global's holding company, Canwest Media Inc. is seen as a prelude to the sale of Canwest Limited Partnership as Canwest Global continues to shed assets and debt to emerge from creditor protection.

The National Post daily and Canwest Limited Partnership were not part of the Oct. 6 filing for creditor protection by the Winnipeg-based broadcaster.

It is expected that Canwest Global's newspaper division, which is in separate talks with creditors to get out from under a mounting debt load, will also shortly file for creditor protection ahead of a sale.

Canwest Global is expected to secure up to $900 million for the countrywide newspaper division as part of a possible sale.
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