Corus Bondholders to Take Control in Debt-for-Equity Swap

Embattled Canadian broadcaster Corus Entertainment Inc. is moving closer to a restructuring that would give bondholders control of the equity, according to people familiar with the matter.

The company is working on a debt restructuring plan that would result in creditors receiving a mix of equity and secured debt, the people said, speaking on condition they not be identified because the matter is still private. It may be announced within the next few weeks, they said, though that timeline could still change.

The deal would put bondholders in position to make further changes to the business, a collection of Canadian ...