A group of creditors has purchased Canada’s largest newspaper publisher for $1.1 billion. The group is buying Canwest Limited Partners, which includes the National Post along with nine other dailies and 26 community newspapers. Canwest had filed for bankruptcy protection last fall; its TV operations were sold last week to Shaw Communications.

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The deal means that the National Post, which had faced a possible shut down during bankruptcy proceedings, will continue to operate, since the new owners say their bid “maintains all existing newspaper operations and will provide continuing employment to all existing full time employees.” The new company will be led by Paul Godfrey, the president of the National Post.