Postmedia Network Canada Corp. is proposing a restructuring plan to reduce its debt by $307-million and annual interest payments by about $50-million as the struggling newspaper company looks to return to firmer financial ground.
The proposed recapitalization transaction announced Thursday would wipe out about $268-million (U.S.) in debt in exchange for granting debt holders 98 per cent of the companys shares, while reducing and extending the repayment term for remaining debt by four years.
Postmedia expects to complete the plan by the end of September, and said obligations to staff, customers and suppliers of the company wont be affected by the plan.
We are t…
Read the full article at: http://www.theglobeandmail.com/report-on-business/postmedia-proposes-restructuring-plan-to-cut-debt-by-307-million/article30789500/