The company that owns dozens of news publications in Atlantic Canada has filed for creditor protection after accumulating more than $94 million in debt.

SaltWire, which owns the Telegram in this province, owes nearly $33 million plus interest to its third party lender, Fiera Private Debt Fund.

The lender accuses senior management of mismanaging the business, misusing employee pension funds, and failing to pay nearly $7 million in HST to the Canada Revenue Agency.

In a statement, SaltWire says filing for creditor protection will allow them to become more sustainable as they restructure their finances and operations.

Operations at their news organizations will continue as normal with no intentions of ceasing operations.