Nova Scotia Buzz
SaltWire and Halifax Herald Ltd. have asked The Nova Scotia Supreme Court for creditor protection because they owe a good sum of money to others. The companies run newspapers like The Chronicle Herald, Cape Breton Post and some weekly papers across the province.
According to Mark Lever, the president of SaltWire, companies like Google and Meta (Facebook) make it hard for them to make money because the big companies control a lot of the advertising market.
SaltWire tells their readers that even though they have money problems, subscribers will still get their newspapers and online editions. The company has more than 100,000 people who pay for the news in Atlantic Canada.
According to their reporting, SaltWire owes more than $24 million to Fiera Private Debt Fund V LP, and Halifax Herald Ltd. owes more over $8 million to the same. They also need to pay money to Canada Revenue Agency and their employee pension plans.
SaltWire says asking for creditor protection is a step to take to fix their money problems and make their company stronger for the future.
