The Halifax Herald Limited and SaltWire Network Inc., CCAA

The Halifax Herald Limited and SaltWire Network Inc., which operate the largest media and newspaper business in Atlantic Canada, together with four related entities, obtained CCAA protection on March 13, on application by Fiera Private Debt Fund III LP, owed over $32 million.

The companies, which list over $96 million in liabilities, engaged FTI to assist with a recapitalization process in October 2023, but no letters of intent were received. They brought their own application for the appointment of a monitor, but the Court granted Fiera’s request for a creditor-driven CCAA.

Fiera has lost faith in management, citing the company’s “repeated failure to properly manage" the business, years of defaulting on the loan and uncooperative behaviour.

KSV is the monitor and David Boyd is the CRO.

Counsel is Norton Rose Fulbright and BoyneClarke for Fiera, Chaitons for the monitor and Stewart McKelvey for the companies.

By: Dina Milivojevic