Black Press owner bids for Canwest papers: inform

OTTAWA Thu Mar 4, 2010 10:28am EST Related News Black to bid for Canwest"s dailies - The Globe and MailThu, Mar 4 2010UPDATE 6-Judge allows Shaw bid for Canwest assetsFri, Feb 19 2010UPDATE 5-Catalyst leads second, C$120 mln bid for CanwestFri, Feb 19 2010CORRECTED - UPDATE 4-Shaw to buy control of Canwest TV operationsFri, Feb 12 2010 Stocks & &

OTTAWA (Reuters) - The owner of a British Columbia newspaper group has joined the bidding for bankrupt Canwest Global Communications Corp"s (CGS.V) newspaper assets, the Globe and Mail newspaper reported on Thursday.

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The bid from David Black, founder of Black Press Ltd, will compete with offers from at least six other bidders for publications including Canwest"s flagship National Post, the Ottawa Citizen and Montreal Gazette, the Globe report said.

Platinum Equity LLC, a California private equity firm, is the most likely backer of Black"s bid, the Globe reported, citing unnamed sources.

Weighed down by about C$4 billion ($3.8 billion) in debt, Canwest filed for creditor protection for its newspaper unit, excluding the National Post, in January. A separate bankruptcy filing for broadcast assets occurred last October.

A group of lenders, owed money by Canwest and representing Canada"s five biggest banks, has offered to acquire Canwest"s newspaper group for about C$925 million.

The sale of the newspapers is expected to be complete by April, the Globe reported.

($1=$1.03 Canadian)

(Reporting by Susan Taylor; editing by Peter Galloway)

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