Achi news desk-
A Nova Scotia judge received some good news today during an update on the proposed sale of the SaltWire Network and The Halifax Herald, two financially troubled companies that operate Atlantic Canada’s largest newspaper chain.
Those shepherding the restructuring process told Nova Scotia Supreme Court Justice John Keith that progress is being made toward securing a deal that could see all or part of the insolvent businesses sold to one or more bidders.
On March 13 and again on March 22, Keith granted protection to the companies from creditors they owe approximately $90 million, and another extension was granted today until June 28.
A lawyer representing the monitor overseeing the restructuring told the judge that “everything has developed as it was supposed to.”
Last week, a report from the monitor – Toronto-based KSV Restructuring – confirmed that several bidders had submitted non-binding offers to buy all or part of the two companies.
The KSV report says some of the non-binding proposals, if accepted, would allow the heavily indebted companies to continue operating as viable businesses.
The next step is for KSV to decide which bidders will be asked to submit binding offers by May 24 at 5 pm, which could lead to court approval for a transaction no later than June 28 and an anticipated closing date of July 31.
This report was first published by The Canadian Press on April 30, 2024.
