Interest in SaltWire newspaper business expressed by bidders in N.S. news

Several bidders have stepped forward to express interest in acquiring all or part of SaltWire Network Inc. and The Halifax Herald Ltd., the two insolvent companies that operate Atlantic Canada’s largest newspaper enterprise. According to a report filed by Toronto-based KSV Restructuring Inc. on Friday, these offers could potentially allow the struggling companies to continue operating as viable businesses.

The report stated that multiple non-binding offers were submitted by interested parties before the initial bidding deadline, with some proposals suggesting a continuation of the businesses on a going-concern basis. While the exact number of bids received remains undisclosed, over 250 potential purchasers and investors were contacted as part of the sale process.

Former SaltWire president and CEO Mark Lever is among those planning to submit a bid, as court documents reveal that he and his wife Sarah Dennis own the companies through separate family trusts. The next phase involves KSV conducting due diligence to determine which bidders will be invited to submit binding offers by May 24, potentially leading to court approval for a transaction by June 28 and a closing deadline of July 31.

The Halifax-based media companies, which own daily newspapers across the region and employ approximately 800 independent contractors and 390 staff members, have been navigating financial challenges. The restructuring process, initiated by a private equity firm’s insolvency proceedings in March, aims to secure financing for the companies to continue operations while exploring potential sales or restructuring opportunities.

As the situation unfolds, stakeholders are closely monitoring the developments in the hopes of a successful resolution for the iconic newspaper enterprise in Atlantic Canada.