Relationship breaks down between Torstar owners, one seeks order to wind up company

One of the owners of Torstar Corp. is seeking a court order to wind up the media company.

Paul Rivett, one of the owners of Nordstar Capital Inc., an investment company that purchased Torstar in 2020, filed an application to the Ontario Superior Court of Justice earlier this month that says immediately dissolving Nordstar is the only way to create a clear path forward for the companies under its umbrella.Sign up to receive daily headline news from the Ottawa SUN, a division of Postmedia Network Inc.

Rivett has asked the court to appoint PricewaterhouseCoopers to manage an asset sale to resolve the “impasse” between the two parties.In 2020, Nordstar acquired Torstar, taking the company private, including theWe apologize, but this video has failed to load.Prior to the deal closing, Nordstar upped its bid for Torstar from $52 million to $60 million in response to a rival offer for the media conglomerate.

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