logo
Share SHARE
FONT-SIZE Plus   Neg

Yellow Media Obtains Final Court Approval For Recapitalization - Quick Facts

Yellow Media Inc. (YLO.TO) announced Friday that the Québec Superior Court has issued its final order and approved the Company's proposed recapitalization. The Court declared that the Recapitalization is fair and reasonable to the holders of securities subject to the plan of arrangement under the Canada Business Corporations Act.

The Court's decision is the final step in advance of completing the Recapitalization. The Recapitalization is expected to be implemented and become effective on December 20, 2012 or the "Effective Date", subject to customary conditions, including the approval of the Toronto Stock Exchange.

As announced on December 10, 2012, the Recapitalization, as it affects the Company's senior unsecured credit facility, will be implemented through a Termination and Settlement Agreement rather than through the Company's plan of arrangement.

Yellow Media said that its Recapitalization will reduce its debt, including preferred shares, series 1 and series 2, by approximately $1.5 billion and provide it with the financial flexibility necessary to advance its business transformation to a digital media and marketing solutions company and enhance long-term value for stakeholders.

On September 6, 2012, a vast majority of debtholders and shareholders voted in favour of the Recapitalization at their respective meetings.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Federal Network Agency (Bundesnetzagentur) has asked parents who bought the popular My Friend Cayla doll to destroy the toy or disable its wireless connection. The Bundesnetzagentur has banned the unauthorized wireless transmitting equipment in a children's toy and has already removed the product... Saudi Arabia is reportedly considering to list its state-run oil behemoth Saudi Aramco in New York Stock Exchange. According to a WSJ report, citing people familiar with the matter, Aramco prefers to float its shares on the NYSE, or in London or Toronto after discussion to list on an Asian stock exchange... Anglo-Australian mining giant BHP Billiton plc reported Tuesday a profit in its first half, compared to last year's hefty loss on sharply lower one charges. Underlying EBITDA, a key earnings metric, climbed 65 percent with higher production and prices. The company further lifted its dividend by 150 percent.
comments powered by Disqus
Follow RTT