A Nova Scotia decide acquired excellent news at this time throughout an replace on the proposed sale of the SaltWire Community and The Halifax Herald, two financially troubled firms that function Atlantic Canada’s largest newspaper chain.
These shepherding the restructuring course of informed Nova Scotia Supreme Court docket Justice John Keith that progress is being made towards securing a deal that would see all or a part of the bancrupt companies bought to a number of bidders.
On March 13 and once more on March 22, Keith granted the businesses safety from collectors who’re owed about $90 million, and one other extension was granted at this time till June 28.
A lawyer representing the monitor overseeing the restructuring informed the decide that “every thing has unfolded the way in which it was alleged to.”
Final week, a report from the monitor — Toronto-based KSV Restructuring — confirmed that a number of bidders have submitted non-binding presents to purchase all or a part of the 2 firms.
The KSV report says a few of these non-binding presents, if accepted, would permit the deeply indebted firms to proceed working as viable companies.
The following step is for KSV to find out which bidders can be requested to submit binding presents by Could 24 at 5 p.m., which may result in court docket approval for a transaction no later than June 28 and an anticipated closing deadline of July 31.
This report by The Canadian Press was first printed April 30, 2024.
© 2024 The Canadian Press
