On March 13, 2024, the Supreme Court of Nova Scotia initiated CCAA proceedings for Saltwire Network Inc. and affiliated companies, appointing KSV Restructuring Inc. as the monitor and David Boyd of Resolve Advisory Services Ltd. as the chief restructuring officer. Subsequently, on March 25, the Court authorized Saltwire and The Herald to engage FTI Capital Advisors – Canada ULC to manage a sale and investment solicitation process (SISP) for their assets, focusing on media business operations.

The SISP aims to attract bids for the sale or investment in these companies, structured in two phases. Phase 1 requires interested parties to submit non-binding letters of intent by April 25, 2024, 5:00 p.m. ADT, potentially leading to an invitation to participate in Phase 2, where binding offers are due by May 24, 2024, 5:00 p.m. ADT. The process is monitored by the appointed CCAA monitor and is subject to court supervision, with the goal of finding strategic opportunities for the distressed media entities.