Canada's Postmedia reaches deal with bondholders to cut debt

Thu Jul 7, 2016 12:26pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

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)