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HALIFAX — The personal lending agency that pushed Atlantic Canada’s largest newspaper chain into insolvency in March says negotiations geared toward promoting SaltWire Community Inc. and The Halifax Herald Ltd. have reached a essential part.
Jennifer Stam, a lawyer for the Fiera Non-public Debt Fund, made the assertion Firday in Nova Scotia Supreme Court docket, the place Justice John Keith later accredited a movement to increase the media corporations’ safety from collectors till Aug. 8.
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Final week, the court-appointed monitor overseeing the potential sale of the deeply indebted corporations confirmed the choice of an unnamed bidder who has plans to function the businesses as viable companies.
On the time, Toronto-based KSV Restructuring Inc. stated negotiations with the bidder have been advancing towards a transaction that might be accomplished by Aug. 9.
Right this moment, a lawyer representing KSV, George Benchetrit, stated an accredited transaction may come before that date.
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In the meantime, Keith additionally accredited a $135,000 retention plan to make sure the help of key workers wanted to finish the sale.
He additionally accredited a further $1.1 million in interim financing, which can convey complete projected borrowing through the insolvency proceedings to $4.1 million.
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