Who Still Believes Postmedia Is Canadian-Controlled? - 2016-07-08

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F0.png Who Still Believes Postmedia Is Canadian-Controlled? July 8, 2016, Paul Willcocks, The Tyee

Postmedia's escape from bankruptcy this week offers at least a tiny opportunity for critics who want the giant corporation's grip on Canadian newspapers loosened.

Postmedia, which owns the Sun, Province, and 24 Hours in Vancouver and 170-plus newspapers across the country, has been stumbling toward insolvency. Its stock is almost worthless, revenues are in freefall -- down another 12.9 per cent according to Thursday's quarterly report -- and management has no credible plan. It's barely able to pay the interest on its $648-million debt.

So Postmedia went to the people who were owed that money and cut a deal, giving control of Canada's largest newspaper company to an "ad hoc" group of creditors apparently led by Chatham Asset Management, a New Jersey hedge fund.

Wikipedia cite:
{{cite news | first = Paul | last = Willcocks | title = Who Still Believes Postmedia Is Canadian-Controlled? | url = https://thetyee.ca/Mediacheck/2016/07/08/Who-Believes-Postmedia-Canadian/ | work = The Tyee | date = July 8, 2016 | accessdate = August 28, 2019 }}