Money: Quebec forks out $5M in aid as major newspaper chain seeks bankruptcy protection - PressFrom - Canada

MoneyQuebec forks out $5M in aid as major newspaper chain seeks bankruptcy protection

10:25  20 august  2019
10:25  20 august  2019 Source:

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Quebec forks out $5M in aid as major newspaper chain seeks bankruptcy protection© Paul Chiasson/The Canadian Press The Groupe Capitales Médias, which owns the newspapers pictured above, is going to file for bankruptcy protection under the Creditors Arrangement Act. The Quebec government says it will invest $5 million in a French-language newspaper chain that sought bankruptcy protection Monday.

Le Groupe Capitales Médias owns daily newspapers in some of Quebec's largest markets, including Quebec City's Le Soleil, Le Droit of Gatineau-Ottawa and Trois-Rivières's Le Nouvelliste.

The newspaper chain was founded by former federal Liberal cabinet minister Martin Cauchon. Its financial difficulties had been widely known for several weeks.

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In March, the electronics chain sought bankruptcy protection for the second time in just over two years. Then, in May, Gander Mountain and Overton's — its boating business — were acquired by Camping World Holdings out of bankruptcy auction.

T Eaton Company Ltd, owner of Canada's best-known chain of department stores, declares equivalent of Chapter 11 bankruptcy (S). Eaton's, which has a debt load of more than 0 million, sought court protection on Thursday under the Companies' Creditors Arrangement Act.

In announcing the financial aid, the provincial government stressed the important role the newspapers play in Quebec society.

"It's impossible to envision the closure of six newspapers," said Economy Minister Pierre Fitzgibbon.

Fitzgibbon also said Cauchon had resigned as CEO of the newspaper chain and a restructuring process will begin shortly.

News of Groupe Capitales's intention to file for bankruptcy protection prompted an emergency meeting of the provincial cabinet on Monday.

Premier François Legault said on Twitter that the bail-out will buy some time for the newspaper chain to find new owners, and for the government to put in place a general media assistance program.

Prime Minister Justin Trudeau said Monday that it's necessary for media to have the capacity and resources to ask important questions and report the truth.

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A Bankruptcy Scorecard For Newspapers . The four newspaper companies that have exited Affiliated Media, the holding company for newspaper chain MediaNews Group, has filed for Chapter 11 bankruptcy protection , as it announced l… Tribune Management Seeks Extension On Reorg Plan.

With its cash reserves running out , the SCO Group Inc. has filed for bankruptcy protection . The Lindon, Utah, company made the announcement in a news release, issued Friday afternoon. "The Board of Directors of The SCO Group unanimously determined that Chapter 11 reorganization is in

"We will always be there to see how we can help while respecting, of course, the essential independence of the media," Trudeau said Monday in Quebec City.

Last year, the federal government announced nearly $600 million in financial aid for print media over five years, as well as tax credits for hiring journalists for local coverage.

Quebecor expresses interest

Legault had promised over the weekend, amid reports of the chain's impending insolvency, that his government would "do everything" to ensure the survival of the papers.

He previously said the government would be open to emergency one-time help until a general media assistance program is put in place. Groupe Capitales received a $10-million loan from the Quebec government in 2017.

The company also owns La Tribune in Sherbrooke, La Voix de l'Est in Granby, Le Quotidien and Progrès week-end in Saguenay.

Quebecor Inc., which publishes the Journal de Québec, Le Journal de Montréal as well as the TVA television group, has expressed interest in the newspapers but the Liberal opposition is worried about media concentration.

The president and CEO of Quebecor is Pierre Karl Péladeau, former leader of the Parti Québécois.

There was also a report that Montreal newspaper Le Devoir was examining the possibility of joining forces with Le Soleil.

"We are studying all the options with our partners, but it is premature to make assumptions at this stage," Le Devoir's editor-in-chief, Brian Myles, said in a statement.

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