HONOLULU — Black Press Ltd., which owns the Honolulu Star-Advertiser, will potentially be purchased by its two largest debt holders, Canadian institutional investors Canso Investment Counsel Ltd. and Deans Knight Capital Management Ltd., and Mississippi-based community media company Carpenter Media Group, according to reporting in the Honolulu Star-Advertiser. 

The HSA owner entered a court-supervised restructuring in order to proceed with the sale and reduce its debt. The possible sale would be completed by March 15.

“We are a legacy company committed to our community, and our operations are expected to continue uninterrupted,” Dennis Francis, president and CEO of Oahu Publications and publisher of the Honolulu Star-Advertiser, said in a statement. “Our ability to publish the best content is the result of having the best people. I’m grateful that Carpenter Media Group as well as Canso and Deans Knight share our dedication to local readers, local talent and local stories.”

Carpenter Media Group, which owns several other newspapers in the U.S., and the two other companies would take over the British Columbia-based Black Press’s print publications, which include 150 publications in Canada and the U.S.

After the sale, which requires court approval, Black Press Media would continue to be Canadian controlled, according to a new release from Black Press. The head office would remain in Surrey, B.C. The media company employs about 1,200 people in Canada and the U.S.

“Canso and Deans Knight — both Canadian long-time supporters of the company — and Carpenter Media Group, are firm believers in local media and the future of Black Press,” said Todd Carpenter, chairman of Carpenter Media Group, formerly known as Carpenter Newsmedia. “We are all committed to maintaining the company’s vital journalistic presence in Canada and to a plan that creates the most financially beneficial environment for Black Press to continue to do what it does best – produce excellent journalism and advertising services for the communities it serves all across Canada and the U.S.”

Spectrum News has learned that at least four employees of the newspaper, including a photographer, received layoff notices last week.