Reports have confirmed that the country's largest chain of newspapers, which is owned and controlled by Canwest Global Communications Corp., has been put under creditor protection and will be up for sale as early as next week by senior lenders led by a group of 5 Canadian banks.

On Friday, the court approval was received, and now, Canwest Limited Partnership's secured lenders, which collectively hold a whopping $953 million in debt, will solicit offers for its publishing unit, which includes the National Post, in addition to 10 other dailies like Victoria Times Colonist, Vancouver Sun, Vancouver's The Province and Edmonton Journal.

In addition to the above, the division also owns as many as 26 community news papers, and associated online and mobile units.

As per the voluntary filing and protection, which was granted yesterday under the Companies' Creditors Arrangement Act, the publishing group, known as LP, is now allowed to operate as usual but offer debt relief while it continues to work on its plans for recapitalization.

"Throughout this filing, our businesses will continue uninterrupted, with no impact on our advertisers, customers and audiences", assured Dennis Skulsky, President and CEO of the publishing group.