Postmedia offers to purchase Atlantic Canada's largest newspaper chain for $1 million

 A monitor’s report says Postmedia Network Inc. has offered $1 million to purchase Atlantic Canada’s largest newspaper chain.

The offer is being recommended by Toronto-based KSV Restructuring Inc., the court-appointed monitor overseeing the insolvency proceedings involving SaltWire Network Inc. and the Halifax Herald Ltd.

In March, the two insolvent media companies were granted court-ordered protection from creditors who were owed more than $90 million.

Under the plan, Postmedia, who will be the sole limited partner, will also make future payments for accrued liabilities.

The senior secured lender, Fiera Capital, has said SaltWire and The Herald together owe it $32.7 million.

The report says Postmedia is looking to close the deal by Aug. 24, and the offer is scheduled to be presented to a Nova Scotia Supreme Court judge for approval on Thursday.

Toronto-based Postmedia owns the National Post, Vancouver Sun, Calgary Herald and dozens of other publications. (Canadian Press)