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Corus receives court order to proceed with recapitalization transaction
The recapitalization reduces Corus Entertainment's debt by over $500 million and cuts interest costs by up to $40 million under court-approved restructuring.
- On Tuesday, Corus Entertainment secured an Ontario Superior Court order to proceed with a recapitalization plan reducing total debt and liabilities by more than $500 million.
- The company pursued court approval after a January shareholder vote failed to reach the required two-thirds threshold, with only 61 percent of Class B shareholders approving the proposal.
- Under the plan, senior noteholders will exchange debt for 99 percent of shares in NewCo, while existing Corus shareholders swap holdings for one percent of the restructured entity.
- Corus continues to operate normally while working to obtain remaining approvals from the Canadian Radio-television and Telecommunications Commission to complete the transaction.
- The restructuring extends debt maturity by five years amid sharp declines in linear television advertising and competition from Netflix and Prime Video threatening traditional broadcasters.
12 Articles
12 Articles
Corus Entertainment Secures Court Approval For $363 Million Debt-For-Equity Restructuring Plan
A fall in linear TV advertising and hefty borrowings led the major Canadian buyer of U.S. series like 'Survivor' and 'NCIS' to launch a recapitalization transaction to cut annual interest charges via a new parent, NewCo.
Corus Entertainment announces that it has received an order from the Ontario Superior Court of Justice authorizing it to pursue its recapitalization plan.
Winnipeg Free Press
Corus receives court order to proceed with recapitalization transaction
Breaking News, Sports, Manitoba, Canada
Corus cleared to move forward with recapitalization transaction
Corus Entertainment has received court approval to move forward with a proposed recapitalization transaction that’s poised to save the company up to $40 million in annual cash interest payments and cut its third-party debt by over $500 million. Despite failing to gain the support of Class B shareholders in a vote in late January, Corus continued to pursue court approval of the arrangement. The company revealed late Tuesday it’s now received an o…
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