The Financial Post reports in its Wednesday, March 13, edition that Fiera Private Debt Fund has started insolvency proceedings against Saltwire Network, claiming that it owes tens of millions of dollars due to several years of mismanagement. A Canadian Press dispatch to the Post reports that Fiera has filed documents in the Supreme Court of Nova Scotia stating that Saltwire, along with The Halifax Herald, owes $32.7-million, plus almost $600,000 of accrued interest. Most of the debt is owed by Saltwire, which owns several news publications in Atlantic Canada, such as the Chronicle Herald in Halifax, the Telegram in St. John's and the Guardian in Charlottetown. Fiera has alleged that senior management of the company mismanaged the business, used employee pension funds for operations and did not remit HST, among other claims. The company has also stated that the businesses are insolvent and "on the verge of a liquidity crisis." Saltwire itself has applied for creditor protection under the Companies' Creditors Arrangement Act, its chief operating officer Ian Scott said in a statement Monday. Mr. Scott said it is a strategic move to address the company's financial challenges and ensure its long-term sustainability.