Corus Completes Recapitalization Transaction, Announces New Board of Directors
Lenders forgave about $500 million in debt for 99% ownership of a new parent company, and Corus will keep operating under a reworked capital structure.
- Corus Entertainment Inc. completed its recapitalization transaction on Thursday, becoming a wholly-owned subsidiary of newly formed Corus Entertainment Holdings Inc.
- Lenders forgave approximately $500 million in debt in exchange for 99 per cent ownership of the new parent company; the CRTC approved this restructuring in September to address 'significant financial challenges.'
- Maryann Turcke, former president of Bell Media, chairs the new board alongside Erin O'Toole, Stuart Garvie, Jeremy Walker, and John Gossling, tasked with reversing declining revenue.
- Canso Investment Counsel Ltd., controlled by John Carswell, holds approximately 44 per cent of voting interests as the largest shareholder; existing Class B shares delist from the Toronto Stock Exchange on Friday.
- New common and variable voting shares under ticker CORS begin trading on October 13, with management pursuing 'new opportunities and future growth' amid intensifying competition from streaming platforms.
13 Articles
13 Articles
The Toronto Star
Corus completes recapitalization transaction, announces new board of directors
TORONTO - Corus Entertainment Inc. says it has completed a recapitalization transaction first announced in November of last year and has appointed a new board of directors.
Corus Wraps Up Recapitalization Deal, Names New Board
The fiscal challenges at Corus Entertainment Inc., whose stock is trading on the TSX at just $0.03 CDN, may not wholly be over, but the company that owns such stations as "Q107" and "102.1 The Edge" in Canada's biggest market has started an important new chapter in the quest to cut and end its losses.
Corus Entertainment completes recapitalization, appoints new board chaired by Maryann Turcke
Corus Entertainment announced at close of business Thursday that it has completed its recapitalization transaction and is now a wholly-owned subsidiary of Corus Entertainment Holdings. The CRTC gave its stamp […]
Corus completes recapitalization transaction, appoints new Board
Descrease article font size Increase article font size Corus Entertainment Inc. has completed its previously announced recapitalization transaction, marking the final step in a restructuring plan approved by the Canadian Radio-television and Telecommunications Commission last month. The company announced Thursday that the transaction has closed under a court-approved plan, making Corus Entertainment Inc. a wholly [...]
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