HALIFAX – Toronto-based Postmedia Network Inc. has offered to purchase Atlantic Canada’s largest newspaper chain for $1 million, according to a newly released monitor’s report.
The offer is being recommended by KSV Restructuring Inc., the court-appointed monitor overseeing the insolvency proceedings involving SaltWire Network Inc. and the Halifax Herald Ltd.
KSV said four offers were made for the companies but Postmedia’s bid was considered “superior to the others.”
Under Postmedia’s offer, the collective agreements with the Herald editorial bargaining unit and the Cape Breton Post bargaining unit will be “modified or amended on such terms and conditions that are satisfactory to Postmedia.”
“On or after Aug. 8, 2024, those employees not retained by Postmedia upon closing will either be terminated or they will be offered an opportunity to continue their employment … for an interim period,” the report says.
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