Corus Shares Delist from Toronto Stock Exchange Following Recapitalization
What happened
Corus completed a recapitalization transaction and appointed a new board of directors. The deal involved Corus’s lenders forgiving approximately $500 million in debt in exchange for 99 per cent ownership of a newly created parent corporation that will wholly own Corus. Corus’s class B non-voting shares are expected to delist from the Toronto Stock Exchange at the end of the October 9 trading day.
From toronto.citynews.ca
Why it matters
The transaction was granted regulatory approval by the Canadian Radio-television and Telecommunications Commission, which stated that Corus was facing significant financial challenges. The regulator noted that the transaction would help ensure Corus remains part of the Canadian broadcasting industry.
From toronto.citynews.ca
Who's involved
- CorusBroadcasting company undergoing financial restructuring and delisting
- Toronto Stock ExchangeStock exchange from which Corus shares are delisting
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- CorusSpeculative
Corus might see changes in its financial structure and operational costs following the debt forgiveness and ownership shift.
Keep exploring
The entities involved
-
Corus
Dutch-British steelmaker
Nothing else this week.
-
Toronto Stock Exchange
stock exchange in Canada