Publisher of 2 Nunavut newspapers files for creditor protection

The media company that owns two Nunavut newspapers has filed for protection from creditors and is looking to sell its assets to a new ownership group.

Black Press Ltd., which is based in Surrey, B.C., and owns newspaper group NNSL Media among dozens of other newspapers and magazines across Canada, announced Monday it will move into creditor protection.

That move will allow the company to hold off on paying its debts and let it “restructure its financial affairs” under supervision of the courts, the company said in a statement.

NNSL Media publishes Nunavut News and Kivalliq News in Nunavut, and several other papers in the Northwest Territories. It was purchased by Black Press in 2021.

Black Press is seeking court approval to launch a sale and investment solicitation process for its business and assets by Jan. 25.

It may be sold to a consortium, including investment management firm Canso, asset management company Deans Knight based out of B.C. and U.S. newspaper firm Carpenter Media.

Under the terms of the transaction, Black Press will continue to be Canadian-controlled, the company said.

“Black Press is still publishing and intends to keep doing so while it moves through the CCAA [Companies’ Creditors Arrangement Act] process,” said company spokesperson Boyd Erman in an email to Nunatsiaq News on Tuesday.

If approved by a court, the proposed sale to Canso, Deans Knight and Carpenter Media will “put the company on solid and sustainable financial footing, enabling it to continue to serve its valued readers, customers, employees, and communities over the long term,” Erman said.