New York- based investment firm, Angelo Gordon, has been buying bonds in Canadian media company, Canwest Global Communications, Globe and Mail reports. The $18 billion hedge fund is purchasing the debt since parts of Canwest filed for bankruptcy protection.

Canwest’s divisions, including National Post and Canwest Television, filed for protection from creditors on Oct. 6. Angelo is acquiring CanWest’s bonds, which currently command about 70 cents on a dollar, as they are likely to appreciate in value.

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