Corus Entertainment, a major buyer of American series from major Hollywood studio suppliers, has secured approval from the Ontario Superior Court of Justice for a debt-for-equity recapitalization plan. The plan involves exchanging senior unsecured notes for equity held by a new parent, NewCo, which aims to reduce Corus' debt load by over CAN$500 million (US$363 million), reduce its annual interest expense by around CAN$40 million, extend debt maturity by five years, and maintain access to a CAN$125 million secured revolving credit facility. The senior note holders will own 99 percent of the new parent company's shares after the restructuring. The proposal requires further approvals from the CRTC, the country's TV and telecom regulator, and the Toronto Stock Exchange.