Corus completes recapitalization transaction, appoints new Board
Corus Entertainment Inc. has completed its recapitalization transaction, reducing its debt burden and installing a new Board of Directors; continues to trade publicly.
Corus Entertainment Inc. has successfully completed its recapitalization transaction, solidifying its position as a wholly-owned subsidiary of Corus Entertainment Holdings Inc. The restructuring plan, approved by the Canadian Radio-television and Telecommunications Commission, has significantly reduced the company's debt and liabilities, cutting annual cash interest costs by up to $40 million and extending debt maturities by five years.
The company's new Board of Directors, chaired by Maryann Turcke, includes Stuart Garvie, Erin O’Toole, and Jeremy Walker, all of whom bring extensive experience in media and advertising. Gossling, who remains as CEO and CFO, expressed excitement about the new capital structure and the company's future opportunities.
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