Corus buys more time to pay down debt

By Connie Thiessen Corus Entertainment says it’s been able to renegotiate its credit arrangement through the end of March, as the company reported its fiscal fourth quarter earnings. Led by RBC Capital Markets and TD Securities, Corus’s restated credit facility has been amended to reduce its revolving facility limit to $150 million from $300 million, and increase its maximum total debt-to-cash-flow ratio to 5.75 through the end of the year, and 7.25 from January through March. Corus paid down $2.7 million of debt in the fourth quarter and $38.8 million for the year. Co-CEO John Gossling told a Friday morning...