TORONTO, Ontario — December 18, 2025 — Leads & Copy — The Ontario Superior Court of Justice has granted an interim order regarding Corus Entertainment Inc.’s previously announced recapitalization transaction. Meetings for senior noteholders and shareholders are scheduled for January 30, 2026, to consider the transaction.
Corus Entertainment Inc. announced that the Ontario Superior Court of Justice (Commercial List) has granted an interim order concerning the proposed recapitalization transaction, initially announced on November 3, 2025. The order pertains to the statutory plan of arrangement under section 192 of the Canada Business Corporations Act (CBCA). This allows Corus to proceed with the recapitalization transaction, pending the satisfaction or waiver of all applicable conditions. The recapitalization will be implemented through a plan of arrangement under the CBCA.
The interim order authorizes a meeting of the company’s senior unsecured noteholders on January 30, 2026, at 10:00 a.m. (Toronto time) via online webcast. The purpose is to consider and potentially approve a resolution for the Plan of Arrangement. Senior noteholders of record as of December 24, 2025, at 5:00 p.m. (Toronto time) are eligible to receive notice, participate, and vote at the meeting.
Additionally, the interim order authorizes a meeting of the holders of the Company’s Class A Voting Shares and Class B Non-Voting Shares on January 30, 2026, at 11:00 a.m. (Toronto time) via online webcast. This meeting will also address a resolution to approve the Plan of Arrangement. Shareholders of record as of December 24, 2025, at 5:00 p.m. (Toronto time) are entitled to receive notice, participate, and vote at this meeting.
The management information circular and related proxy materials for the meetings will be mailed to security holders of record and made available on SEDAR+ at www.sedarplus.ca, and on the company’s website when prepared. The circular will provide details on how security holders or their proxy holders can access and participate in the meetings.
According to the interim order, the Plan of Arrangement must be approved by at least two-thirds (66⅔%) of the votes cast by the senior noteholders present in person or by proxy at the Senior Noteholders’ Meeting, voting as a single class. For shareholders, the resolution must be passed by at least two-thirds (66⅔%) of the votes cast by holders of Class A Voting Shares and two-thirds (66⅔%) of Class B Non-Voting Shares, each voting separately. Additionally, a majority (50% + 1) of the votes cast by Class A Voting Shares holders must be in accordance with Toronto Stock Exchange (TSX) requirements.
Completion of the recapitalization transaction requires security holder approval, final court approval of the Plan of Arrangement, and the satisfaction or waiver of other conditions. These include customary regulatory approvals from the Canadian Radio-television and Telecommunications Commission and the TSX. Upon approval, the Plan of Arrangement will bind all senior noteholders and existing shareholders.
Under the Plan of Arrangement, senior noteholders who vote in favor of the recapitalization transaction can subscribe for their share of new first lien notes to be issued as part of the transaction. Those wishing to participate must return a completed New First Lien Notes Participation Form and fund into escrow cash equal to their pro rata share of the principal amount of the notes by the specified deadlines, which will be communicated by the company. Further details on the Participation Option are in the Plan of Arrangement and the Circular.
The interim order also grants a stay of proceedings to protect the company and its subsidiaries against defaults and related actions resulting from the decision to initiate CBCA proceedings, including under existing indebtedness. This stay will enable the company to complete the recapitalization transaction.
For questions about the press release, contact Laurel Hill Advisory Group toll-free at 1-877-452-7184 in North America (1-416-304-0211 outside North America). Text “INFO” to 877-453-7184 or 416-304-0211, or email assistance@laurelhill.com. For more information, visit: https://www.corusent.com/proposed-transaction/
Source: Corus Entertainment Inc.
