April 24th, 2024

Sales and investment process started for SaltWire Network and The Halifax Herald

By The Canadian Press on March 25, 2024.

The Chronicle Herald sign is seen in Halifax on Thursday, April 13, 2017. A Nova Scotia judge has approved a process aimed at finding buyers or investors willing to bid on The Haliax Herald Ltd. and SaltWire Network Inc., the two Halifax-based companies that operate Atlantic Canada's largest media company. THE CANADIAN PRESS/Andrew Vaughan

HALIFAX – A Nova Scotia judge has approved a process aimed at finding buyers or investors willing to bid on SaltWire Network Inc. and The Halifax Herald Ltd., the two companies that operate Atlantic Canada’s largest newspaper enterprise.

Earlier this month, Nova Scotia Supreme Court Justice John Keith granted the insolvent companies protection from creditors who are owed about $90 million.

On Monday, Keith approved a so-called sales and investment solicitation process (SISP), which involves canvassing the market for people willing to buy or invest in some or all the deeply indebted companies’ business operations and assets.

The outcome could include a restructuring or recapitalization of the companies aimed at ensuring they continue as viable businesses, as outlined under the Companies’ Creditors Arrangement Act.

The deadline for qualifying binding offers is May 24, and there’s a June 28 deadline for the judge to approve any deals, with a closing date set for July 31.

Meanwhile, SaltWire and The Herald can continue to operate under CCAA until May 3, at which point they will likely apply for another extension to court-ordered protection from their creditors, which was first granted on March 13.

This report by The Canadian Press was first published March 25, 2024.

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