Canwest Global Communications said Monday its creditors have approved a plan that will allow its newspaper division to emerge from restructuring and be sold to a group of investors.

The vote by Canwest creditors brings the papers a step closer to their sale to a group of investors led by Paul Godfrey, CEO of the National Post newspaper. (Adrian Wyld/Canadian Press)

The media company said its unsecured creditors voted 97.36 per cent for the plan at a meeting in Toronto.

The vote means the papers have passed a milestone in the process of selling the company to a group of investors led by Paul Godfrey, CEO of its flagship National Post newspaper.

Under the acquisition, the investors will purchase a stable of papers including the Post, the Montreal Gazette, Vancouver Sun and Ottawa Citizen, alongside community newspapers and websites like Canada.com.

Earlier in June, the buyers of the newspapers tweaked their deal so that the new company would emerge from restructuring with a smaller debt.

With files from The Canadian Press