A company that owns nearly two dozens newspapers in Atlantic Canada has debts of almost $100 million and is filing for creditor protection.
SaltWire Network made the application in the Supreme Court of Nova Scotia, according to court documents filed on Monday.
The court documents said SaltWire has more than $94 million in debt, with roughly a third of that owing to its lender, Fiera Private Debt Fund.
Fiera’s lawyers filed an application in court on Monday saying SaltWire doesn’t have the assets to pay back the money it owes.
“The applicants have lost faith in the Companies’ management team and management has displayed a repeated failure
This story was originally published on CBC News. To read the rest of this news worthy story, please visit https://www.cbc.ca/news/canada/nova-scotia/saltwire-creditor-protection-newspaers-atlantic-canada-nova-scotia-1.7140521?cmp=rss.