Progress is being made towards securing a deal to sell the SaltWire Network and The Halifax Herald, two financially troubled companies that operate Atlantic Canada’s largest newspaper chain. The Nova Scotia Supreme Court Justice John Keith granted the companies protection from creditors in March, and an extension was granted until June 28. The monitor overseeing the restructuring process confirmed that several bidders have submitted non-binding offers to buy all or part of the companies, potentially allowing them to continue operating as viable businesses. The next step is for KSV Restructuring to determine which bidders will be asked to submit binding offers by May 24, with a court approval for a transaction expected no later than June 28 and a closing deadline of July 31.
The restructuring process for the SaltWire Network and The Halifax Herald is progressing positively as several bidders have submitted non-binding offers to potentially buy all or part of the companies. This has raised hopes that the deeply indebted companies can continue operating as viable businesses. The companies were granted protection from creditors in March by Nova Scotia Supreme Court Justice John Keith, with an extension granted until June 28. The monitor overseeing the process, KSV Restructuring, is now tasked with determining which bidders will be asked to submit binding offers by May 24, leading to a court approval for a transaction by June 28 and a closing deadline of July 31.
During an update on the proposed sale of the SaltWire Network and The Halifax Herald, those involved in the restructuring process informed Justice John Keith that progress was being made towards securing a deal that could see all or part of the insolvent businesses sold to one or more bidders. The companies were granted protection from creditors in March, with an extension granted until June 28. The monitor overseeing the process, KSV Restructuring, confirmed that several bidders have submitted non-binding offers to buy all or part of the companies, potentially allowing them to continue operating as viable businesses. The next step is for KSV to determine which bidders will be asked to submit binding offers by May 24, leading to a court approval for a transaction by June 28 and a closing deadline of July 31.
The recent update on the proposed sale of the SaltWire Network and The Halifax Herald brought good news to Nova Scotia Supreme Court Justice John Keith as progress is being made towards securing a deal for the financially troubled companies. The companies were granted protection from creditors in March, with an extension until June 28. The monitor overseeing the restructuring process, KSV Restructuring, has confirmed that several bidders have submitted non-binding offers to buy all or part of the companies, potentially allowing them to continue operating as viable businesses. The next step involves KSV determining which bidders will be asked to submit binding offers by May 24, with a court approval for a transaction expected by June 28 and a closing deadline of July 31.
The restructuring process for the SaltWire Network and The Halifax Herald is moving forward positively, with progress being made towards securing a deal that could see all or part of the financially troubled companies sold to bidders. The companies were granted protection from creditors in March, with an extension until June 28. The monitor overseeing the process, KSV Restructuring, has received non-binding offers from several bidders, potentially providing a path for the companies to continue operating as viable businesses. The next step is for KSV to determine which bidders will be asked to submit binding offers by May 24, with a court approval for a transaction expected by June 28 and a closing deadline of July 31.
