Atlantic Canada's insolvent SaltWire Network hoping to survive restructuring process
BNN Bloomberg
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 (CCAA), but it will need investors to accomplish that goal. In the meantime, the business will continue as usual.
The potential restructuring could include the reorganization of some or all of the companies that are part of the SaltWire group, including The Halifax Herald Ltd., Titan Security and Investigation Inc., Brace Capital Ltd., and Brace Holdings Ltd.
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 (SISP), which they want overseen by FTI Capital Advisors Canada.
