Canada's Postmedia reaches deal with bondholders to cut debt

Thu Jul 7, 2016 12:26pm EDT
 
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July 7 (Reuters) - Postmedia Network Canada Corp, 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) (Reporting by Vishaka George in Bengaluru; Editing by Savio D'Souza)