06:53 AM EDT, 09/30/2024 (MT Newswires) -- Quebecor Inc. (QBR-A.TO and QBR-B.TO) is pushing lenders to take a haircut on loans to Corus Entertainment Inc. (CJR-B.TO) in its attempt to acquire the media company's national stable of television and radio stations, The Globe and Mail is reporting.

It said Montreal-based Quebecor, a telecom and media powerhouse in its home province, is asking banks and credit funds to write off 60% or more of Corus's $1.05-billion in debt as part of a pre-takeover restructuring at the Toronto-based company, according to analysts, investment bankers and media industry executives.

It added Corus' lenders, led by Royal Bank of Canada and Toronto-Dominion Bank, are giving the company more time to solve its financial woes rather than swallow the loan losses that would come with accepting Quebecor's bid. In early September, RBC and TD extended the deadline for reaching an agreement on debt relief to Oct. 15.

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