Black Press, publisher of newspapers on Vancouver Island and across BC, announced it has been granted protection from creditors under the Companies’ Creditors Arrangement Act by BC Supreme Court in Vancouver and has entered into a sales agreement involving Carpenter Media Group in the United States, Canso Investments, and Deans Knight Capital Management.
Black Press says the proposed transaction will put the company on solid and sustainable financial footing, enabling it to continue publishing newspapers.
The company intends to seek recognition of the CCPA proceedings in the United States.
It was also announced that David Black, president and owner of Black Press, is retiring.
Black founded the company in 1975 with the purchase of the Williams Lake Tribune and Black Press now has more than 170 newspapers in British Columbia, Alberta, the north, Washington State, Alaska and Hawaii.
In a statement on the company website, the Black family says it is “confident that the restructuring of Black Press announced today will be successful and enable Black Press to continue to provide high quality community journalism.”
