The largest newspaper publisher in Atlantic Canada has filed for creditor protection.
SaltWire owes a private equity firm more than $32 million, with other debts of $7 million to Canada Revenue Agency and is $2.6 million behind in pension top-up payments.
In court documents, the lender claims employee pension funds are being used for operations and financial mismanagement at the senior level.
SaltWire operates 23 newspapers including The Chronicle Herald in Halifax, The Guardian in P.E.I. and The Telegram in St. John’s.
The media company employs 490 people, along with another 840 subcontractors and
has about 100,000 subscribers for its print and online websites.
A hearing has been set for Wednesday in Nova Scotia Supreme Court.
