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.
KSV said four offers were made for the companies but Postmedia’s bid was considered “superior to the others.”
“It provides a platform to maintain journalism in Atlantic Canada and preserves employment for certain of the Media Companies’ (SaltWire) employees,” the report states. “Postmedia is believed to be well-positioned to capitalize on the synergies required to make the media companies’ business successful in the long…
