Corus Entertainment, a major buyer of American series from major Hollywood studio suppliers, has moved a step closer to completing a recapitalization plan to stay in business.
Corus, led by CEO John Gossling, announced it had secured approval from the Ontario Superior Court of Justice to proceed with a debt for equity recapitalization plan. The capital restructuring that proposes exchanging senior unsecured notes for equity held by a new parent, NewCo, aims to reduce the debt load at Corus by over CAN$500 million (US$363 million), cut its annual interest expense by around CAN$40 million (US$30 million), extend debt maturity by five years and maintain access to a CAN$125 million (US$90.5 million) secured revolving credit facility.
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Corus draws Canadian primetime TV viewers with American series like the Survivor and NCIS franchises, the FBI, CIA and 9-1-1 series, and the History Channel, National Geographic,
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