A Nova Scotia judge approved a process Monday aimed at finding buyers or investors willing to bid on SaltWire Network Inc. and The Halifax Herald Ltd., the two companies that operate Atlantic Canada’s largest newspaper enterprise.
Earlier this month, Nova Scotia Supreme Court Justice John Keith granted the insolvent companies protection from creditors owed about $90 million.
On Monday, Keith approved a so-called sales and investment solicitation process (SISP), which involves canvassing the market for people willing to buy or invest in some or all of the deeply indebted companies’ business operations and assets.
The outcome could include a restructuring or recapitalization of the companies aimed at ensuring they continue as viable businesses, as outlined under the Companies’ Creditors Arrangement Act.
“Public interest is obviously a consideration given the important nature of these businesses, but this SISP offers the opportunity for the renewal of these media companies and … the public service they provide,” Keith told the court when he approved the process.
The deadline for non-binding letters of interest is April 24. Qualifying binding offers must be submitted by May 24. There’s a June 28 deadline for the judge to approve any deals, with a closing date set for July 31.
Meanwhile, SaltWire and The Herald can continue to operate under CCAA until May 3, at which point they will likely apply for another extension to court-ordered protection from their creditors, which was first granted on March 13.
The media companies employ about 800 independent contractors and 390 employees, which includes about 108 unionized positions.
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Meanwhile, Keith confirmed Monday that an affiliated company, Titan Security and Investigation Inc., will be put up for sale through a separate SISP. The profitable security and health-care services company has about 100 full- and part-time employees.
Last week, the judge approved a proposal from SaltWire-Herald’s senior secured creditor, Fiera Private Debt, to loan the companies $1.5 million to keep them operating. Fiera is owed more than $32.7 million, but it has chosen to work on restructuring or selling the businesses instead of forcing them into receivership.
Fiera loaned $500,000 to the companies on March 13 when Keith first granted them protection from creditors.
On another front, former SaltWire president and CEO Mark Lever has said he plans to submit a bid, though it remains unclear what he might bid for. Court documents show SaltWire and its related companies are owned by Lever and his wife Sarah Dennis through separate family trusts that each have a 50-per-cent stake in the businesses.
That has raised concerns about possible conflicts of interest, which is why Keith has also approved extra powers for the monitor overseeing the CCAA proceedings, KSV Restructuring Inc., and for the chief restructuring officer, David Boyd, who is essentially running the SaltWire-Herald operation.
On Monday, Keith said the changes reflect “concern about conflict and contaminating the process.”
Last fall, the SaltWire companies, with the help of FTI Capital Advisors, encouraged interested bidders to take part in a recapitalization process through an earlier SISP.
“That process has not yet resulted in a transaction, although many parties have expressed, and continue to express, an interest in the opportunity,” KSV Restructuring said in a recent monitor’s report.
“A letter of intent was received recently, and discussions are ongoing with that party.”
This report by The Canadian Press was first published March 25, 2024.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
What is probate?
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Validating the will. The court checks if the will is legal and valid.
Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Recent Changes in Canadian Probate Laws
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
1) Virtual witnessing of wills
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
2) Simplified process for small estates
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
3) Substantial compliance for wills
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
The Probate Process and You: The Role of a Probate Lawyer
(Image: Freepik.com)
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Navigating the legal process
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
Handling paperwork and deadlines
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
Resolving disputes
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
Providing you peace of mind
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
Why These Changes Matter
The updates to probate law make a big difference for Canadian families. Here’s why.
Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.
With these changes, probate becomes smoother and more manageable for you and your family.
How to Prepare for the Probate Process
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
Create a will. Ensure a valid will is in place to avoid complications.
Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
Organize documents. Keep key financial and legal documents in one place for easy access.
Talk to your family. Have open conversations with your family to prevent future misunderstandings.
Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.
These simple steps make the probate process easier for everyone involved.
Wrapping Up: Making Probate Easier in Vancouver
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
