As Canwest Global’s restructuring gathers steam, the Ontario Superior Court has approved the transfer of the National Post newspaper to a newspaper division not under creditor protection.

Canwest Global earlier threatened to pull the plug on the money-losing newspaper if it was not folded into the broadcaster’s publishing subsidiary CanWest LP subsidiary.

Canwest Global is expected to seek a buyer for its publishing assets, the loss-making National Post included, in a bid to restructure a $4 billion debt load and emerge from creditor protection by January.