From MuskokaUnlimited.com: Over $16M owed to Metroland Employees
From MuskokaUnlimited.com:
Metroland Media Group owes just under $75 million to creditors, which includes the 605 staff they cut ties with last week.
Of the $74,245,033.82 owed, $16 million is due to those 605 former employees, according to the creditor package available through Grant Thornton LLP’s website. That number includes some very well-respected members of our Muskoka community.
Metroland Media Group, which is a subsidiary division under the TorStar umbrella, has filed a “Notice of Intention” for protection under the Bankruptcy and Insolvency Act as it ceased printing 71 community newspapers.
Grant Thornton LLP is handling the filings and is gathering a proposal for its creditors. They have just under a month – under the Act – to find a way to pay as much as possible to their creditors.
That means all those employees who were let go last week will not be paid anything they are owed for a month – at least – as this media company goes through its bankruptcy paces.
The media conglomerate is still operating those community papers as digital entities and will continue publishing print versions of the Toronto Star, Hamilton Spectator, St. Catharines Standard, Niagara Falls Review, Peterborough Examiner, Welland Tribune, and the Waterloo Region Record.
Read more of Chris Occhiuzzi’s story, including how much TorStar and the Toronto Star are owed as creditors listed on the bankruptcy filing, at: https://muskokaunlimited.com/2023/09/19/metroland-owes-16m-to-employees/
