HALIFAX — A Nova Scotia judge will be asked on Friday to approve a plan to restructure or seek bidders to buy or invest in SaltWire Network Inc., the insolvent Halifax-based media company recently granted protection from creditors.
SaltWire, the largest newspaper publisher in Atlantic Canada, is hoping to survive by restructuring its operations and finances under the Companies' Creditors Arrangement Act , but it will need investors to accomplish that goal. In the meantime, the business will continue as usual.
The SISP involves canvassing the market for investors willing to put money into the deeply indebted companies or purchase their assets. If the court agrees, the deadline for formal bids will be July 31. Fiera's lawyers are also asking Keith to expand the powers of the court-appointed monitor overseeing the CCAA proceedings, which was supposed to be Toronto-based KSV Restructuring Inc. But an amended notice filed this week indicates the monitor, subject to court approval, could be Toronto-based law firm Chaitons LLP.
"Given the concerns expressed by the lenders in their faith in management, such powers will provide the lenders with the confidence required to continue to fund these proceedings," French's affidavit says. In documents filed with the court March 11, Fiera Private Debt said SaltWire and The Halifax Herald Ltd. together owe it $32.7 million, plus almost $600,000 in accrued interest.
Fiera alleges the companies were mismanaged over the years, and the lender has also accused senior managers of failing to make payments on employee pensions or remit HST payments to the federal government.
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