Corus Entertainment expects recapitalization plan to slash debt by over C$500 million.
- Backed by all lenders under senior credit facility and noteholders representing over 74% of C$750 million of senior unsecured notes
- New C$300m first-lien 5-year notes to replace existing term loan
- C$500m senior notes to convert into 99% of shares in new holding company
- Business operations expected to continue normally during process
- NewCo shares planned to trade publicly on TSX after closing
- Board to be refreshed with five members at completion
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