HALIFAX — The court-appointed monitor overseeing the potential sale of Atlantic Canada's largest newspaper chain has confirmed selection of a bidder who has ...
HALIFAX — The court-appointed monitor overseeing the potential sale of Atlantic Canada 's largest newspaper chain has confirmed selection of a bidder who has plans to operate SaltWire Network Inc. and The Halifax Herald Ltd. as viable businesses.
SaltWire Network Inc. owns other newspapers in Nova Scotia, P.E.I. and Newfoundland, including the Cape Breton Post in Sydney, N.S., the Guardian in Charlottetown and the Telegram in St. John's, N.L., as well as weekly papers and several digital publications.They employ about 800 independent contractors and 390 staff, which includes about 100 unionized positions, according to court documents.
The media companies are owned by Mark Lever and his wife Sarah Dennis. Earlier this year, Lever stepped down as president and CEO of SaltWire, at which point he was expected to submit a bid for the media companies. KSV is also seeking approval for a $135,000 "key employee retention plan" and an increase in interim financing that, if approved, will rise from $3 million to $4.1 million. The employee retention plan is aimed at those helping with the potential sale of the media companies and a related company known as Titan Security and Investigations Inc.
As well, the report says plans are moving ahead to sell Titan Security, which is a profitable security and health-care service company with about 100 employees.MADRID — A cruise ship rescued 68 migrants and found five bodies in a traditional fishing boat that was drifting off the Canary Islands in the Atlantic Ocean, Spain's maritime rescue agency said Thursday.Talks aimed at keeping Atlantic Canada's largest media company alive appear to be bearing fruit.
KSV Restructuring Inc. Saltwire Network Inc. KSV Mark Lever Media Companies Atlantic Canada
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