Quebecor files application to block proposed debt restructuring at Corus
Quebecor Inc is attempting to block the planned financial restructuring of Corus Entertainment Inc by taking part in the federal government’s review of the transaction. Quebecor has asked the Canadian Radio-television and Telecommunications Commission for intervenor status in hearings on Corus’s proposal to give control of the company to creditors as part of a $500-million debt-for-equity swap. The proposed restructuring would hand control to a group of credit funds led by Toronto-based Canso Investment Counsel Ltd, which Quebecor claims has no experience or expertise in the broadcasting sector.
- ▪Quebecor Inc has filed an application to block the proposed debt restructuring at Corus Entertainment Inc
- ▪The proposed restructuring would give control of Corus to its creditors as part of a $500-million debt-for-equity swap
- ▪Quebecor claims that handing Corus to its creditors would weaken the Canadian media industry and leave Bell Media parent BCE Inc as the dominant player
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Open this photo in gallery:Quebecor chief executive officer Pierre Karl Péladeau said in an e-mail Thursday that handing Corus to its creditors would weaken the Canadian media industry and leave Bell Media parent BCE Inc,. owner of the CTV network, as the dominant player.DARRYL DYCK/The Canadian PressShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountQuebecor Inc. is attempting to block the planned financial restructuring of Corus Entertainment Inc. by taking part in the federal government’s review of the transaction, after being repeatedly rebuffed in its attempts to acquire the TV and radio broadcaster.
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