TORONTO – Corus Entertainment Inc. says it has received an order from the Ontario Superior Court of Justice to proceed with its recapitalization plan.
The company says it is working to obtain remaining approvals, including from the Canadian Radio-television and Telecommunications Commission, to complete the transaction as soon as it reasonably can.
In February, Corus said it would seek court approval for the recapitalization deal that would see its debtholders take ownership of the company after a shareholder vote on the proposal failed to pass.
At the time, the radio and television broadcaster indicated that 99.9 of votes cast by senior noteholders were in favour of the proposal, as were 99.7 per cent of votes cast by Class A Shareholders.
However, holders of just 61.2 per cent of the publicly traded Class B shares who voted were in favour of the deal, falling short of the two-thirds threshold required to pass the resolution.
Under the agreement, first announced in November, $500 million of Corus’ senior notes would be exchanged for 99 per cent of the shares in the restructured company, and existing Corus shareholders would be expected to swap their holdings for shares representing one per cent of the new company.
This report by The Canadian Press was first published March 24, 2026.
Companies in this story: (TSX:CJR.B)
