SaltWire: Battle for Local News and Fairness in CCAA Proceedings

Unifor's Fight for Members

Unifor has been actively advocating for its members affected by SaltWire's insolvency. The union has criticized the company's actions, calling them "unfair" and "devastating" to workers and communities.

SaltWire's CCAA Filing and Negotiations

In March 2023, SaltWire Companies filed for protection under the Companies' Creditors Arrangement Act (CCAA). The move came after the company faced significant financial challenges, including declining revenues and pension obligations. Since then, negotiations have been ongoing between SaltWire and its creditors.

Private Lender's Role

Fiera Capital Corporation, the private lending firm that pushed SaltWire into insolvency, has been involved in the negotiations. Fiera has proposed a plan that would see it take control of SaltWire's assets, while other creditors, including Unifor, would receive less than they are owed.

Monitor Appointment Controversy

One of the key issues in the CCAA proceedings is the appointment of a monitor to oversee the process. SaltWire has proposed appointing a monitor of its choice, while other creditors, including Unifor, have objected, arguing that the monitor should be independent and impartial.

Supreme Court Decision

In April 2023, Nova Scotia Supreme Court Justice John Keith ruled that SaltWire Network Inc. could continue to operate under the CCAA. However, Justice Keith also appointed an independent monitor to oversee the proceedings, a decision that was welcomed by Unifor and other creditors.

Conclusion

The ongoing CCAA proceedings surrounding SaltWire have raised important questions about the future of local news and the fairness of insolvency proceedings. Unifor's continued advocacy for its members and the appointment of an independent monitor are crucial steps in ensuring that the interests of workers and communities are protected. The outcome of the proceedings will have a lasting impact on the media landscape and the communities served by SaltWire's publications.