Creditors approve Metroland restructuring proposal following announced job cuts

Creditors approve proposal

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.

More Business News

Data from CryptoCompare
Castanet Proud Member of RTNDA Canada
Press Room