Achi news desk-
HALIFAX –
A Toronto restructuring firm says several bidders have offered to buy all or part of SaltWire Network and The Halifax Herald, the two insolvent companies that operate Atlantic Canada’s largest newspaper enterprise.
KSV Restructuring Inc., in a report filed on Friday, said some of the non-binding proposals, if accepted, would allow the heavily indebted businesses to continue operating beyond the restructuring process.
The KSV report does not say how many bids were received by Thursday, the initial deadline for bids, and does not give any details about who made the bids.
The next step is for KSV to conduct a due diligence process that will determine which bidders will be asked to submit binding offers by May 24 at 5 pm, which could result in court approval for a transaction no later than June 28 and an anticipated closing date . from 31 July.
On March 13, a Nova Scotia Supreme Court judge granted protection to the media companies and their subsidiaries from creditors owed about $90 million.
The Halifax-based companies own daily newspapers in Nova Scotia, Prince Edward Island and Newfoundland and Labrador, including Halifax’s Chronicle Herald, the Cape Breton Post in Sydney, NS, the Telegram in St. John’s and the Guardian in Charlottetown.
This report was first published by The Canadian Press on April 27, 2024.
