Postmedia chief executive denies claim, citing unstable news landscape and recent moves by Google and Facebook to lock out Canadian news
and would not pursue a deal because they were unable to agree on the terms. A major sticking point was how much debt would be held by Postmedia’s biggest lender, New Jersey-based hedge fund Chatham Asset Management, according to the sources. The Globe and Mail is not identifying the sources because they were not authorized to speak publicly about the matter.in late June.
While Postmedia’s Monday news release said the parties could not agree on terms, Mr. MacLeod would not elaborate on where the two companies were at odds.
The notes have a payment-in-kind feature that allows Postmedia to pay interest by issuing more debt, and the company is making use of the PIK option. In the first six months of the year, Chatham received an additional $12.6-million in notes from the PIK program, up from $10.7-million during the same period in 2022.
Owing to its debt load and challenges facing the industry, Postmedia has shed more than 1,200 full-time employees between 2017 and 2022, along with selling assets, centralizing editorial operations and shuttering some newspapers. Nordstar’s properties have made similar moves over the years to cut costs and stay financially viable.
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