SALTWIRE NETWORK INC. AND HALIFAX HERALD LTD. SALE AND INVESTMENT SOLICITATION PROCESS

HALIFAX, NS, March 26, 2024 /CNW/ - On March 13, 2024, the Supreme Court of Nova Scotia (the "Court") granted an Initial Order (the "Initial Order") commencing proceedings pursuant to the Companies' Creditors Arrangement Act (the "CCAA" and the "CCAA Proceedings") in respect of Saltwire Network Inc. ("Saltwire"), the Halifax Herald Limited ("The Herald"), Headline Promotional Products Limited, Titan Security & Investigation Inc., Brace Capital Limited and Brace Holdings Limited. 

Pursuant to the Initial Order, KSV Restructuring Inc. was appointed by the Court as the monitor in the CCAA Proceedings (the "Monitor") and Resolve Advisory Services Ltd., through the services of David Boyd, was appointed as chief restructuring officer (the "CRO") in the CCAA Proceedings. 

Pursuant to an order granted by the Court on March 25, 2024, Saltwire and The Herald (collectively, the "Media Companies") were authorized to retain FTI Capital Advisors – Canada ULC (the "Financial Advisor") to conduct a sale and investment solicitation process ("SISP") for the Media Companies under the supervision of the Monitor. The SISP is intended to solicit interest in, and opportunities for, a sale of, or investment in, all or part of assets and business operations of the Media Companies which includes principally, the assets or shares relating to the media businesses owned by the Media Companies.

The SISP is a two-phased process. Qualified interested parties who wish to submit a bid in Phase 1 of the SISP must deliver a non-binding letter of intent to the Financial Advisor and the Monitor by no later than 5:00 p.m. ADT on April 25, 2024. Subject to their offers submitted in Phase 1 of the SISP, interested parties may be invited to participate in Phase 2. In accordance with the SISP Order, the deadline for submitting binding offers in Phase 2 is 5:00 p.m. ADT on May 24, 2024.

Copies of the Initial Order, the SISP Order and all related materials can be obtained from the website of the Monitor at: https://www.ksvadvisory.com/experience/case/herald-saltwire

Those interested in participating in the SISP should contact the Financial Advisor to receive additional information at:

SOURCE SaltWire Network

FTI Capital Advisors - Canada ULC, 79 Wellington Street West, Suite 2010, P.O. Box 104, Toronto, ON M5K 1G8, Attention: Dean Mullett, Email: [email protected]