Newspapers owned by Canada's CanWest Global Communications received the green light to begin emerging from restructuring, following a vote by unsecured creditors today in which 97.36 percent voted for a plan to emerge from creditor protection with less debt, the Globe and Mail reported.

Forty-six newspapers, including the Montreal Gazette and the National Post, will be bought by bondholders for C$1.1 billion. National Post President Paul Godfrey will become the new CEO.

Godfrey won a court- monitored auction in May, beating out lenders from Bank of Nova Scotia and from Torstar Corp. Another bid, from an unidentified group, was also denied, according to papers filed by FTI Consulting.