Scotiabank-led team to control Canwest dailies- paper

Oct 8 (Reuters) - A group of creditors led by Bank of Nova Scotia (BNS.TO) will run the daily newspapers owned by Canwest Global Communications Corp CGS.TO, which announced a long awaited recapitalization plan this week, the Globe and Mail reported on its website late on Wednesday.

CanWest LP, the Canwest subsidiary that owns the dailies, is planning its own debt-for-equity swap in the next few weeks, which is likely to include another court filing for creditor protection, the paper said, citing sources.

The subsidiary owes lenders C$1.3 billion ($1.23 billion), according to the paper.

The creditor group led by Scotiabank, as Bank of Nova Scotia is known, is unlikely to keep the newspapers, which may be taken public in 2010, the Globe said, citing sources at both Scotiabank and CanWest LP.

Scotiabank and CanWest could not be immediately reached for comment by Reuters, outside regular Canadian business hours.

Canwest, Canada's biggest media company, announced a long awaited recapitalization plan on Tuesday that will see parts of the company file for bankruptcy protection.[ID:nN06416324] ($1=1.056 CANADIAN DOLLAR) (Reporting by Ajay Kamalakaran in Bangalore; Editing by Lincoln Feast)