A private equity firm has pushed Atlantic Canadian media conglomerate Saltwire into solvency over a $32 million debt. Fiera Private Debt Fund (FPD) financed the media company’s grand move to purchase most of the newspapers in the Maritimes. Saltwire is reportedly unable to pay the private equity fund back and now FDP is suing to dissolve the media giant for not paying back the millions in debt. FDP filed documents with the Supreme Court of Nova Scotia Monday, according to Halifax Examiner. Justice John Keith will oversee an emergency court Wednesday at 2 p.m. local time. In addition to the $32 million, Saltwire owes more than $2.6 million in pension payments and “over $7 million in outstanding HST payments (prior to accounting for any available tax refunds).”This is not the first time Saltwire or its subsidiaries have been in legal hot water. In February, Supreme Court of Nova Scotia Justice Scott Norton upheld a $2,656,656 order against Halifax Herald Ltd., which is owned by SaltWire, pertaining to unpaid pensions. Supreme Court of Nova Scotia Justice Gail Gatchalian last week ordered SaltWire to pay $500,000 in security for costs involved in its lawsuit against Transcontinental Media.Saltwire describes itself as a company with hundreds of East Coast journalists and “the largest, most trusted name in news in this region,” the media giant wrote on its website. "With almost 200 years of telling Atlantic Canadians' stories, SaltWire publications and saltwire.com are your essential sources for the news and stories about the places we call home."“Our mission has a singular focus: to provoke thought and action for the betterment of our communities.”Its daily papers include The Chronicle Herald, the Cape Breton Post, The Telegram (St. Johns) and The Guardian (Charlottetown).Our Weekly publications include The Journal Pioneer (Summerside), The Annapolis Valley Register (Annapolis, Kings N.S.), The News (New Glasgow), The Tri-County Vanguard (Digby, Shelburne, Yarmouth), The Truro News and The Valley Journal-Advertiser (West Hants, Kings N.S.).
A private equity firm has pushed Atlantic Canadian media conglomerate Saltwire into solvency over a $32 million debt. Fiera Private Debt Fund (FPD) financed the media company’s grand move to purchase most of the newspapers in the Maritimes. Saltwire is reportedly unable to pay the private equity fund back and now FDP is suing to dissolve the media giant for not paying back the millions in debt. FDP filed documents with the Supreme Court of Nova Scotia Monday, according to Halifax Examiner. Justice John Keith will oversee an emergency court Wednesday at 2 p.m. local time. In addition to the $32 million, Saltwire owes more than $2.6 million in pension payments and “over $7 million in outstanding HST payments (prior to accounting for any available tax refunds).”This is not the first time Saltwire or its subsidiaries have been in legal hot water. In February, Supreme Court of Nova Scotia Justice Scott Norton upheld a $2,656,656 order against Halifax Herald Ltd., which is owned by SaltWire, pertaining to unpaid pensions. Supreme Court of Nova Scotia Justice Gail Gatchalian last week ordered SaltWire to pay $500,000 in security for costs involved in its lawsuit against Transcontinental Media.Saltwire describes itself as a company with hundreds of East Coast journalists and “the largest, most trusted name in news in this region,” the media giant wrote on its website. "With almost 200 years of telling Atlantic Canadians' stories, SaltWire publications and saltwire.com are your essential sources for the news and stories about the places we call home."“Our mission has a singular focus: to provoke thought and action for the betterment of our communities.”Its daily papers include The Chronicle Herald, the Cape Breton Post, The Telegram (St. Johns) and The Guardian (Charlottetown).Our Weekly publications include The Journal Pioneer (Summerside), The Annapolis Valley Register (Annapolis, Kings N.S.), The News (New Glasgow), The Tri-County Vanguard (Digby, Shelburne, Yarmouth), The Truro News and The Valley Journal-Advertiser (West Hants, Kings N.S.).
