HALIFAX — 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.
"The principal purpose of the CCAA proceedings is to create a stabilized environment to enable the companies … to secure financing to continue to operate while the media companies pursue a restructuring or sale of their businesses and assets through a court-supervised SISP," court documents say. "Given the concerns expressed by the lenders in their faith in management, such powers will provide the lenders with the confidence required to continue to fund these proceedings," French's affidavit says.
About three-quarters of that debt is owed by SaltWire, which owns daily newspapers in Nova Scotia, P.E.I. and Newfoundland and Labrador, including Halifax's Chronicle Herald, the Cape Breton Post in Sydney, N.S., the Telegram in St. John's and the Guardian in Charlottetown. It also owns 14 weekly publications.
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