Postmedia sheds debt and makes management changes in restructuring
October 05, 2016 - 7:44 PM
TORONTO - Canada's largest newspaper publisher has announced changes to its board and executive as it completes a deal to restructure its debt.
Postmedia Network Inc. (TSX:PNC.B, TSX:PNC.A) said Wednesday its total debt has been reduced by approximately $307 million and its annual cash interest expense has been reduced by approximately $50 million under a court-approved plan.
Postmedia's shareholders and debt holders approved the media conglomerate's proposal to restructure its $648 million debt last month.
It also announced that Andrew MacLeod has been appointed Postmedia’s new chief operating officer, while five board members — Charlotte Burke, Stephanie Coyles, Mitch Joel, Martin Nisenholtz and Bob Steacy — have left the company.
Three new members were added to the board — executive chairman of Lee Enterprises Mary Junck, David Pecker, chairman, president and CEO of American Media Inc., and human resources and administration executive Daniel Rotstein.
"We look forward to more exciting news from our teams as we continue to align our operations to a new business model in an evolving industry landscape," CEO Paul Godfrey said in a release.
News from © The Canadian Press, 2016