RELATED: Saltwire Network, Atlantic Canada's largest media group, is filing for creditor protection and is tens of millions of dollars in debt.
Jennifer Stam, a lawyer for the Fiera Private Debt Fund, made the statement today in Nova Scotia Supreme Court, where Justice John Keith later approved a motion to extend the media companies’ protection from creditors until Aug. 8.Last week, the court-appointed monitor overseeing the potential sale of the deeply indebted companies confirmed the selection of an unnamed bidder who has plans to operate the companies as viable businesses.
At the time, Toronto-based KSV Restructuring Inc. said negotiations with the bidder were advancing toward a transaction that could be completed by Aug. 9. Meanwhile, Keith also approved a $135,000 retention plan to ensure the assistance of key employees needed to complete the sale. He also approved an additional $1.1 million in interim financing, which will bring total projected borrowing during the insolvency proceedings to $4.1 million.Canada’s economy is showing ‘more of a pulse’ in latest GDP uptickUsing sunscreen this long weekend? Several lots recalled in Canada