Nova Scotia Supreme court has approved a credit monitor for Saltwire Network.

Private equity firm, Fiera Private Debt alleges the Atlantic newspaper owner owes them roughly $33 million due to years of mismanagement and is $2.6 million behind in pension payments.

Wednesday a judge ruled KSV Advisory will be appointed monitor for SaltWire’s restructuring.

Court also ordered Fiera to provide $500,000 in interim financing until another hearing on March 22nd when a restructuring plan will be discussed.

Company president Mark Lever will also step down during the protection process.

SaltWire operates 23 newspapers including The Chronicle Herald in Halifax, The Guardian in P.E.I. and The Telegram in St. John’s.

More to come.