• by Ray Schultz , March 25, 2024

A Canadian court has approved a process for reorganizing and selling Saltwire Network Inc., an Atlantic Canada news publisher that applied for protection from creditors earlier this month, according to CBC News. 

Saltwire publishes the Halifax Chronicle Herald, The Guardian (Charlottetown) and The Telegram (St. John's).

The court also approved a plan for Headline Promotions, which is part of Saltwire and produced promotional products. It lost more than $303,000 in the last year, according to CBC. 

The 10 employees of Headline Promotions will be laid off, although they will receive government-mandated coverage for staffers of bankrupt companies. 

Also coming under court protection is The Halifax Herald Ltd., a company that operates the newspaper chain with Saltwire. Together, they owe $90 million, Yahoo Finance reports. 

The companies will operate as is until May 3. Potential buyers have until April 24 to submit letters of interest. There is a June 24 deadline for court approval of any deals to occur.