A Canadian court has cleared the reorganization plan of Red Lobster that will see the seafood chain exit bankruptcy. Justice Peter Cavanagh of the Superior Court of Justice in Toronto on Tuesday granted an order that recognizes and gives force to the plan approved by a U.S. bankruptcy judge last week. The future of the … Read more
An expert who tracks Canada’s mainstream media industry says Postmedia’s pending purchase of Atlantic Canada’s largest newspaper chain is almost certain to result in job cuts and a reduction in local content. April Lindgren, a journalism professor with Toronto Metropolitan University, says Postmedia Network Inc. has also made a habit of closing unprofitable publications, having … Read more
Toronto An Ontario court has approved a sales process and stalking horse bid for Red Lobster Canada, which is operating under court protection from creditors. Court filings say move meant to ‘preserve’ restaurant’s business in Canada and 2,000 workers’ jobs The Canadian Press · Posted: Jun 18, 2024 5:24 PM EDT | Last Updated: 3 … Read more
FTX says that nearly all of its customers will get back the money they are owed — and some will get more than that — nearly two years after the cryptocurrency exchange imploded. FTX said in a court filing late Tuesday that it owes about $11.2 billion US to its creditors. The exchange estimates that it has between $14.5 … Read more
The recent decision by SaltWire Network Inc., Atlantic Canada’s largest newspaper company, to seek protection from its creditors is another sign of the decline of the business and the growing threat to local journalism, experts said Tuesday. “We’re seeing a resurgence in a steady spate of closings and scaling back of local news operations,” said … Read more
