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.
"I'm happy that we're still moving forward to a preferred outcome," Keith told the Halifax courtroom. As well, Keith agreed to reschedule the next court date to Aug. 8 to accommodate the schedules of some of the lawyers and financial experts involved, more than a dozen of which took part in Friday's hearing via a Zoom call.
On March 13, Keith granted the companies protection from creditors, a measure that has been extended a number of times.
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