Corus Entertainment, the parent company of Global News, announced a proposed recapitalization transaction , reaching a deal with its secured lenders, restructuring the company’s $1.1 billion dollars of debt. A move it says will significantly strengthening its financial position. The deal is subject to CRTC and court approval.

According to a company news release, the deal includes a reduction of total debt and liabilities by more than $500 million and a slashing of annual cash interest by up to $40 million.

“The proposed transaction will solidify our financial foundation and position Corus for the long-term,” said John Gossling, Corus Entertainment Chief Executive Officer.

“With significant support from our secured lenders and bondholders, we will be well positioned to continue what we

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