The recent decision by SaltWire Network Inc., Atlantic Canada's largest newspaper company, to seek protection from its creditors is another sign of the decline of the business and the growing threat to local journalism, experts said Tuesday.
Atlantic newspaper owner SaltWire faces insolvency after lender files claim piquenewsmagazine.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from piquenewsmagazine.com Daily Mail and Mail on Sunday newspapers.
A private equity fund is initiating insolvency proceedings against Atlantic newspaper owner SaltWire Network Inc., claiming it owes tens of millions of dollars after several years of mismanagement.
Fiera Private Debt Fund said in the filings that senior management of the company has mismanaged the business, used employee pension funds for operations and failed to remit HST.