Talks underway with potential buyer for Atlantic Canada’s largest newspaper chain
Global News
The court-appointed monitor overseeing the potential sale of Atlantic Canada's largest newspaper chain has confirmed selection of a bidder.
The court-appointed monitor overseeing the potential sale of Atlantic Canada’s largest newspaper chain has confirmed selection of a bidder who has plans to operate SaltWire Network Inc. and The Halifax Herald Ltd. as viable businesses.
In a report dated Wednesday, Toronto-based KSV Restructuring Inc. says talks with the unnamed bidder are advancing towards a transaction that could be completed by Aug. 9, assuming an extension is granted to the sales process.
The Halifax Herald Ltd. owns The Chronicle Herald, the independent Halifax-based daily newspaper that was founded almost 200 years ago.
SaltWire Network Inc. owns other newspapers in Nova Scotia, P.E.I. and Newfoundland, including the Cape Breton Post in Sydney, N.S., the Guardian in Charlottetown and the Telegram in St. John’s, N.L., as well as weekly papers and several digital publications.
They employ about 800 independent contractors and 390 staff, which includes about 100 unionized positions, according to court documents.
On March 13, a Nova Scotia Supreme Court judge granted the two insolvent media companies protection from creditors owed about $90 million, of which $32 million was owed to a senior secured lender, the Fiera Private Debt Fund.
But rather than push the media companies into receivership, Fiera has supported a restructuring process through a series of loans that have allowed SaltWire and The Herald to keep operating under the federal Companies’ Creditors Arrangement Act.
The media companies are owned by Mark Lever and his wife Sarah Dennis. Earlier this year, Lever stepped down as president and CEO of SaltWire, at which point he was expected to submit a bid for the media companies.
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