Canada's Postmedia reaches deal with bondholders to cut debt By Reuters

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Canada's Postmedia reaches deal with bondholders to cut debt

Published Jul 07, 2016 12:26

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Canada's Postmedia reaches deal with bondholders to cut debt

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July 7 (Reuters) - Postmedia Network Canada Corp PNCa.TO ,
the country's biggest newspaper publisher, said it reached an
agreement with some of its bondholders to reduce debt by C$307
million ($236 million).
The company said that the transaction would also reduce its
annual interest costs by C$50 million and improve its
liquidity.
Postmedia had, three months back, said it was considering
non-core asset sales, cost reductions, initiatives to boost
sales, and refinancing or repayment of debt and the issuance of
new debt or equity.
($1 = C$1.2993)

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