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.
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In a motion filed this week with the Nova Scotia Supreme Court, lawyers representing SaltWire's principal lender, Fiera Private Debt, are also proposing a so-called sale and investment solicitation process , which they want overseen by FTI Capital Advisors Canada. Fiera, as senior secured creditor, is asking Justice John Keith to extend SaltWire's protection from its creditors until May 3, and increase the amount it can borrow from Fiera to $1.5 million, up from the $500,000 it borrowed last week.
Meanwhile, Fiera's director of special situations, Russell French, filed an affidavit saying these expanded powers are necessary because the lenders want to ensure the integrity of the sale/investment process. He indicated there is concern about SaltWire Network president and CEO Mark Lever, who has said he plans to resign and submit some sort of bid.
"The lenders remain hopeful that a third-party buyer for a going concern transaction can be found," French said in his affidavit. SaltWire and its affiliates employ about 390 people, including more than 100 unionized staff and 800 independent contractors.
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