HALIFAX — Toronto-based Postmedia Network Inc. has offered to purchase Atlantic Canada’s largest newspaper chain for $1 million, according to a newly released monitor’s report. The offer is being recommended by KSV Restructuring Inc., the court-appointed monitor overseeing the insolvency proceedings involving SaltWire Network Inc. and the Halifax Herald Ltd. In March, the two insolvent media companies were granted court-ordered protection from creditors who were owed more than $90 million. The Halifax Herald Ltd. owns The Chronicle Herald, an independent daily newspaper that was founded almost 200 years ago. According to the report, Halifax Herald Ltd. and SaltWire Network Inc. have 363 employees.

Source: National Post August 03, 2024 22:38 UTC