Thursday, March 14, 2024

Saltwire files for bankruptcy protection

From The Daily Cartoonist

A private equity fund is initiating insolvency proceedings against Atlantic newspaper owner SaltWire Network Inc., claiming it owes tens of millions of dollars after several years of mismanagement.

The SaltWire Network‘s major daily newspapers are The Chronicle Herald (Halifax), the Cape Breton Post, The Telegram (St. Johns) and The Guardian (Charlottetown).

Bruce MacKinnon and freelancer Michael de Adder are the main editorial cartoonists who could be affected by the newspaper group’s troubles.

Michael de Adder noted the problem on his Patreon page under the heading of More Bad News:

Last month I lost my biggest client [Washington Post]. It left me with a 25% of my income intact. 
This month my second biggest client is applying for bankrupcy protection. I’m not sure where this leaves me yet. Not in a great place. 
I recently asked my third biggest client for a reasonable raise. Not sure they can afford it. 
Three years ago I had a diversified clientele that could weather a bit of this. But I had to give it all up for a job that was supposed to be stable. I was supposed to be in a better position. 
It left me vulnerable.

What can you do?

Michael continues to survive a hard knock life.

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