Sales and investment process started for SaltWire Network and The Halifax Herald
Posted March 25, 2024 1:27 pm.
Last Updated March 25, 2024 8:06 pm.
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.
