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Canada's Canwest in bankruptcy protection

WINNIPEG, Manitoba, Jan. 8 (UPI) -- Canada's largest media group, Canwest Global Communications, filed for bankruptcy protection Friday and put out a call for potential buyers.

In a release, the corporation based in Winnipeg, Manitoba, said the protection spanned all of its newspapers and online operations.

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"The company ... believes that this is the best course of action because it will address the current debt level, preserve jobs and protect newspaper publishing brands that Canadians have come to know and trust over the past 100 years," the release said.

Canwest publishes daily newspapers in 10 major cities from British Columbia east to Quebec. It also owns the Global Television Network and five specialty TV channels not affected by the protection claim.

Canwest employs some 5,300 people.

It also owns The National Post, which, along with Global TV, entered into bankruptcy protection in October.

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