The Nova Scotia Supreme Court has approved Postmedia’s $1-million bid to acquire Atlantic Canada’s largest newspaper chain.
Justice John Keith ruled today that the proposal is “reasonable and fair,” clearing the way for the Toronto-based media company to buy the insolvent SaltWire Network Inc. and The Halifax Herald Ltd.
Earlier, a lawyer representing the court-appointed monitor overseeing insolvency proceedings said the main union that represents workers at the two media companies had agreed to certain conditions demanded last week by Postmedia.
Get breaking National news
For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen.
Speaking outside the courtroom, lawyer George Benchetrit confirmed the union had agreed to alter some contracts and exclude some workers from the union by eliminating successor rights protected by provincial labour legislation.
Trending Now