The private equity fund that financed SaltWire’s purchase of most newspapers in Atlantic Canada is moving to dissolve the company.
In documents filed with the Supreme Court of Nova Scotia Monday, Fiera Private Debt Fund (FPD) says that SaltWire owes it more than $32 million.
Moreover, says the filing, SaltWire owes more than $2.6 million in pension payments and “over $7 million in outstanding HST payments (prior to accounting for any available tax refunds).”
An emergency court hearing has been set before Justice John Keith for Wednesday at 2 p.m.
CBC: SaltWire Network files for creditor protection, has $94M in debt
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