Wed. Apr 24th, 2024

Judge confirms plan of SaltWire restructuring

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Saltwire owns a series of newspapers in Atlantic, including The Chronicle Herald of Halifax.

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A Nova Scotia judge has approved the restructuring plan for Saltwire, the company that owns a string of newspapers in Atlantic Canada, including The Chronicle Herald Halifax, The Guardian of Charlottetown and The Telegram of St. John's in Newfoundland and Labrador.

The company is insolvent and has filed for protection of its creditors at the beginning of the month.

Nova Scotia Supreme Court Justice John Keith approved an interim protection order on Friday, but asked for clarification on some aspects of the order ;agreement.

On Monday it confirmed that protection would be extended until May 3, Saltwire will have to reapply for an extension closer to that date.

In the meantime, advisors and supervisors must develop a restructuring plan and find potential buyers.

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The Cape Breton Post and The Chronicle Herald, from SaltWire Network, on March 12, 2024 in Halifax, Nova Scotia.

Judge Keith also approved the plan by Headline Promotions, which is part of SaltWire but not directly related to the newspaper industry.

Headline produced promotional products like clothing and stationery. But it also lost more than $303,000 last year.

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Headline's 10 employees will be made redundant and covered by the PPS, the employee protection program. It provides coverage to workers whose companies go bankrupt.

Another part of the company, Titan Security, is also not part of of the newspaper sector and will be sold separately.

Formal sales offers must be presented no later than May 24, and the judge has until 27 ;until June 28 to approve any offer. Successful bids are expected to close by July 31.

With information from Blair Rhodes and The Canadian Press

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