Corus Entertainment's Recapitalization Plan Approved
Montreal News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Corus Entertainments Recapitalization Plan Approved: A Step Towards Financial Stability
The Ontario Superior Court has given the green light to Corus Entertainments recapitalization plan, enabling the media company to move forward despite a narrow miss at the shareholder vote. The plan, which aims to tackle the companys $1.1 billion debt, received overwhelming support from senior noteholders and Class A shareholders, but fell short with Class B shareholders at 61.2% approval. The restructuring will reduce debt and liabilities by over $500 million, cut annual cash interest by up to $40 million, and extend debt terms by five years. With this court approval, Corus Entertainment is set to finalize the changes and seek CRTC approval to secure a stable financial future.
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