Creditors approve Metroland restructuring proposal following announced job cuts
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $1.44 a week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $5.77 plus GST every four weeks. After 52 weeks, price increases to the regular rate of $19.95 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 11/12/2023 (903 days ago), so information in it may no longer be current.
TORONTO – Creditors of Metroland Media Group have voted to approve the company’s restructuring proposal after the newspaper chain announced cuts to 60 per cent of its workforce earlier this year.
Spokesman Bob Hepburn says the proposal, which was approved Monday, reflects input from stakeholders, including better protections for former employees.
In September, Metroland announced the move to a digital-only model and an end to its flyer business as it revealed it would seek protection and attempt a restructuring under the Bankruptcy and Insolvency Act.
It said at the time the cuts and restructuring would mean the loss of 605 jobs, following “unsustainable financial losses stemming from the changing preferences of consumers and advertisers.”
Hepburn says there are still remaining steps that must take place before implementing the approved plan, but “we are hopeful that Metroland will soon emerge from these proceedings into the next chapter of the business, allowing it to continue providing crucial journalism to communities across Ontario.”
Staff at Metroland’s six daily newspapers — the Hamilton Spectator, Peterborough Examiner, St. Catharines Standard, Niagara Falls Review, Welland Tribune, and the Waterloo Region Record — will not be affected, nor will those at the Toronto Star, one of Metroland parent company’s NordStar Capital Inc.’s papers.
This report by The Canadian Press was first published Dec. 11, 2023.