July 23rd, 2024

Talks underway with potential buyer for Atlantic Canada’s largest newspaper chain

By The Canadian Press on June 20, 2024.

The Chronicle Herald sign is seen in Halifax on Thursday, April 13, 2017. THE CANADIAN PRESS/Andrew Vaughan

HALIFAX – The court-appointed monitor overseeing the potential sale of Atlantic Canada’s largest newspaper chain has confirmed selection of a bidder that has plans to operate SaltWire Network Inc. and The Halifax Herald Ltd. as viable businesses.

Toronto-based KSV Restructuring Inc., in a report dated June 19, says talks with the unnamed bidder are advancing towards a transaction that could be completed by Aug. 9.

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.

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 their 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.

This report by The Canadian Press was first published June 20, 2024.

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