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CORUS ENTERTAINMENT ANNOUNCES RECEIPT OF INTERIM ORDER IN RESPECT OF RECAPITALIZATION TRANSACTION

CJR · Price
Executive Summary
- The Ontario Superior Court of Justice granted an interim order allowing Corus Entertainment to proceed with its previously announced recapitalization transaction.
- Senior noteholders and shareholders are scheduled to vote on the plan of arrangement at meetings on January 30, 2026; approvals require two‑thirds majorities (and a TSX‑required majority for Class A shares).
- The interim order also provides a stay of proceedings to protect Corus from default actions while the transaction is completed.
Key Details
- Interim Order: Authorizes meetings of senior unsecured noteholders (10:00 a.m.) and shareholders (11:00 a.m.) on 30 Jan 2026 to consider and vote on the Plan of Arrangement.
- Record Date: 24 Dec 2025, 5:00 p.m. (Toronto time) for both noteholders and shareholders.
- Approval Thresholds:
- Senior Noteholders – ≥ 66% of votes cast.
- Shareholders – ≥ 66% of Class A votes and ≥ 66% of Class B votes separately, plus a TSX‑required majority (≥ 50% + 1) of Class A votes.
- Participation Option: Senior noteholders voting in favor may subscribe pro rata to newly issued first lien notes; participation forms and escrow funding details will be provided later.
- Stay of Proceedings: The order stays any default actions against Corus, enabling completion of the recapitalization.
- Conditions to Closing: Final court approval, regulatory consents (including CRTC and TSX), and satisfaction/waiver of all other customary conditions.
- Circular & Proxy Materials: To be mailed to securityholders of record and posted on SEDAR+ and Corus’ website.
Notable Quotes
(No direct quotes were provided in the release.)
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Jun 30, 2026 · 17:00