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2 clusters · 12 sources · 21 days · First seen · Last updated

Corus Entertainment debt recapitalization

Overview

Corus Entertainment has undergone a significant financial restructuring to address a $1.1 billion debt load. In September, the Canadian Radio-television and Telecommunications Commission (CRTC) approved a recapitalization plan designed to stabilize the broadcaster. The plan involved secured lenders forgiving approximately $500 million in debt in exchange for 99 per cent ownership of a newly formed parent entity.

By October, the recapitalization was completed, making Corus a wholly owned subsidiary of the newly created Corus Entertainment Holdings Inc. This restructuring is expected to reduce annual cash interest costs by up to $40 million and extend debt maturities by five years. Following the transaction, the company appointed a new independent Board of Directors chaired by Maryann Turcke, with additional members including Stuart Garvie, Erin O’Toole, and Jere. The company also initiated the delisting of its class B non-voting shares from the Toronto Stock Exchange, with new shares scheduled to begin trading on October 13.

Entities

Canadian Radio-television and Telecommunications Commission · Corus Entertainment Inc. · Toronto Stock Exchange · Corus Entertainment Holdings Inc. · John Gossling

Timeline

  1. [BUSINESS] 9 sources
    Corus Entertainment completes recapitalization and new board appointment

    Corus Entertainment completes a $500 million debt restructuring and appoints a new board. Meanwhile, Canadian provinces urge expanded mining tax credits, and a new documentary explores an Ontario encampment.

  2. [BUSINESS] 4 sources
    Corus Entertainment receives CRTC approval for debt recapitalization plan

    The CRTC has approved a recapitalization plan for Corus Entertainment, allowing lenders to forgive $500 million in debt in exchange for 99 per cent ownership of a new parent company.

Sources

680news.com · calgary.citynews.ca · dailyguardian.ca · edmonton.citynews.ca · globalnews.ca · halifax.citynews.ca · hardstyle.com · kitchener.citynews.ca · lesaffaires.com · toronto.citynews.ca · vancouver.citynews.ca · winnipeg.citynews.ca

This summary has been updated 1 time: see revision history