Atlantic newspaper company Saltwire applies for creditor protection

A private equity fund is initiating insolvency proceedings against Saltwire, the company that owns 23 newspapers in Atlantic Canada including The Guardian and Journal Pioneer.  In documents filed to the Supreme Court of Nova Scotia on Monday, Fiera Private Debt Fund said Saltwire and The Halifax Herald Ltd. together owe it $32.7 million, plus almost $600,000 of accrued and outstanding interest.  About three-quarters of that debt is owed by Saltwire.   Saltwire itself has applied for creditor protection under the Companies’ Creditors Arrangement Act.  However, it says operations will continue as usual, as the company hopes to restructure its finances and operations and is taking every measure to minimize the effect of the process on stakeholders.