Postmedia offers to purchase Atlantic Canada’s largest newspaper chain for $1M

A monitor’s study says Postmedia Network Inc. has offered $1 cardinal to acquisition Atlantic Canada’s largest newspaper chain.

The connection is being recommended by Toronto-based KSV Restructuring Inc., nan court-appointed show overseeing nan insolvency proceedings involving SaltWire Network Inc. and nan Halifax Herald Ltd.

In March, nan 2 insolvent media companies were granted court-ordered protection from creditors who were owed much than $90 million.

Under nan plan, Postmedia, who will beryllium nan sole constricted partner, will besides make early payments for accrued liabilities.

The elder secured lender, Fiera Capital, has said SaltWire and The Herald together beryllium it $32.7 million.

The study says Postmedia is looking to adjacent nan woody by Aug. 24, and nan connection is scheduled to beryllium presented to a Nova Scotia Supreme Court judge for support connected Thursday.

Toronto-based Postmedia owns nan National Post, Vancouver Sun, Calgary Herald and dozens of different publications.

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The Halifax Herald Ltd. owns The Chronicle Herald, an independent regular newspaper that was founded almost 200 years ago.

In 2017, nan owners of nan Herald — Mark Lever and his woman Sarah Dennis — created SaltWire Network Inc., which bought much than 2 twelve newspapers and web-related properties owned by Transcontinental Nova Scotia Media.

Those publications see regular newspapers successful Nova Scotia, P.E.I. and Newfoundland, including nan Cape Breton Post successful Sydney, N.S.; nan Guardian successful Charlottetown; and nan Telegram successful St. John’s, N.L.