Several dozen employees with The Telegram have been told to continue on as if it’s business as usual.
But union rep and photojournalist Keith Gosse says that’s easier said than done, given the current uncertainty surrounding the future of its owners, SaltWire Network.
The company filed for credit protection earlier this week after its largest creditor, Fiera Private Debt, said the media company couldn’t satisfy a $32-million loan, citing overall debt of $94 million.
SaltWire also owes more than $7 million in unpaid HST to the CRA as well as $2.6 million for missed pension plan payments.
On Wednesday, a Nova Scotia judge appointed a court monitor to oversee the receivership toward potential restructuring, ordering Fiera to provide $500,000 of interim funding to help the company stay afloat for at least the next 10 days.
That said, a lawyer for Fiera insisted they have no intention of shutting down SaltWire or liquidating the assets. But they have sought some conditions for the restructuring, including the departure of SaltWire’s CEO, Mark Lever.
Meanwhile, Gosse says the 35 or so Telegram employees, including news and press room staff, are left in a precarious position.
“We’ve been told locally to go about our business as usual, but that’s hard to do if you have this dark cloud hanging over you, and not knowing if you’re still going to have a job any time in the near future,” he said. “It’s not fun.”
Gosse notes the Telegram, originally The Evening Telegram, has gone through several owners and reincarnations in its 140-year history, but has always managed to come out on the other side.
“We’re always hopeful that something can be worked out,” he said. “The Telegram has gone through so many owners in my 38 years, but this is probably the worst situation we’ve been in, and right now it’s a wait-and-see game.”
Lawyers for all sides return to court March 22nd, when the focus will be on putting together a restructuring plan that satisfies creditors and the court.
