Postmedia reaches deal with bondholders to cut debt: Reuters

Postmedia Network Canada Corp, Canada's biggest newspaper publisher, said it had reached a deal with some bondholders that would reduce its debt by $307 million, as it posted a third-quarter loss, Reuters reported. It signed support deals with its biggest investors, including first-lien holder Canso Investment Counsel Inc, certain second-lien holders of around 80 percent of outstanding 12.5 percent notes due in mid-2018, and holders of around 75 percent of the company's shares. Postmedia launched a strategic review in April, looking to sell assets and restructure its debt load as it struggles with falling print advertising revenues.

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