HALIFAX — The private lending firm that pushed Atlantic Canada's largest newspaper chain into insolvency in March says negotiations aimed at selling SaltWire Network Inc. and The Halifax Herald Ltd. have reached a crucial phase.
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.On Friday, George Benchetrit, a lawyer representing KSV, said an approved transaction could come sooner than that date.
The Halifax Herald Ltd. owns The Chronicle Herald, the independent Halifax-based daily newspaper that was founded almost 200 years ago. SaltWire Network Inc. owns other daily newspapers in Nova Scotia, P.E.I. and Newfoundland, including the Cape Breton Post in Sydney, N.S., the Guardian in Charlottetown and the Telegram in St. John's, N.L., as well as weekly papers and several digital publications.
The private lender said SaltWire and the Herald had been in default for more than five years and were making little progress in repaying their debts. The companies were also accused of failing to top up pension funds and remit HST payments to the federal government.
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