Corus receives CRTC approval to go ahead with recapitalization transaction - CTV News

Corus Entertainment has completed its recapitalization transaction. The operating company is now owned by a newly created Corus parent company.

Maryann Turcke, the former president of Bell Media and former Chief Operating Officer of the National Football League (NFL) is the new Chair of the Board of Directors of Corus Entertainment. 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 of approval to the debt-for-equity recapitalization plan last month, which sees 99% ownership of the company transferred to its lenders to avert further financial pressure, cutting its third-party debt by over $500 million.

The Corus logo at Corus Quay in Toronto is photographed on Friday, June 22, 2018. THE CANADIAN PRESS/ Tijana Martin. 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.