CanWest headquarters in WinnipegJOHN WOODS/The Canadian Press
CanWest Global Communications Corp. said Friday that it will extend the auction for its newspapers until April 30 to seek a better offer.
Canada's biggest media company, whose assets are under creditor protection after it buckled under a near $4-billion debt load, said a court monitor has determined there is a reasonable prospect of getting one or more superior offers under the extension.
Bids entered in the first phase of the auction that were for only select assets in the newspaper operation will not be invited to participate in this next phase, said Winnipeg-based CanWest. The business includes 46 community and daily newspapers, including the flagship National Post.
CanWest said a number of prospective buyers and investors who have submitted qualified bids have been asked to take part in the second phase. The next phase includes management presentations, site visits and further due diligence.