Postmedia offers $1M to buy insolvent SaltWire Network, including The Chronicle Herald.

Postmedia Network Inc., a Toronto-based media company, has submitted a $1M offer to buy Atlantic Canada's largest newspaper chain, SaltWire Network Inc., during ongoing insolvency proceedings. SaltWire owns The Chronicle Herald, an almost 200-year-old daily newspaper, and other properties in Nova Scotia, Prince Edward Island, and Newfoundland. The offer is recommended by KSV Restructuring Inc., a court-appointed monitor overseeing SaltWire and Halifax Herald Ltd.'s insolvency proceedings. If approved, Postmedia will be the sole limited partner and will also make future payments for accrued liabilities.