A monitor’s report says Postmedia Network Inc. has offered $1 million to purchase Atlantic Canada’s largest newspaper chain.
The offer is being recommended by Toronto-based KSV Restructuring Inc., the court-appointed monitor overseeing the insolvency proceedings involving SaltWire Network Inc. and the Halifax Herald Ltd.
Under the plan, Postmedia, who will be the sole limited partner, will also make future payments for accrued liabilities. The report says Postmedia is looking to close the deal by Aug. 24, and the offer is scheduled to be presented to a Nova Scotia Supreme Court judge for approval on Thursday.
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