Black Press Ltd. says it has entered creditor protection under the Companies' Creditors Arrangement Act.Along with the CCAA proceedings, it has entered into a sales agreement to Canso, Deans Knight Capital Management Ltd. and Carpenter Media Group through a support agreement and term sheet.Black Press Media intends to continue to operate its 80-plus local news publications — online and in print — as well as its lifestyle magazines and various customer solutions services within Canada, with its head office remaining in Surrey, B.C. The media company employs roughly 1,200 employees between its Canadian and U.S. divisions. “The Black family is confident that the restructuring of Black Press announced today will be successful and enable Black Press to continue to provide high quality community journalism, and that the proposed new owners will be excellent stewards of Black Press’ treasured publications.”