The Globe and Mail reports in its Monday edition that Corus Entertainment is in court this week seeking approval for its recapitalization plan after lacking shareholder support in January. The Globe's Irene Galea writes that Corus has also obtained a temporary standstill from lenders, who have agreed until May 30 not to enforce penalties for any breaches of its credit agreement. Last November, Corus announced a proposed recapitalization plan that would allow it to keep its television, radio and content operations. It is Corus's latest effort to find a reprieve from its heavy debt load and the decline of its legacy advertising businesses. Despite efforts to cut costs, it has continued to see its revenue and profit decline, a challenge facing the broadcast industry as a whole. That proposed recapitalization would reduce Corus's debt and liabilities by more than $500-million, and cut its interest payments by up to $40-million. If passed, it will involve exchanging senior unsecured notes for equity in a new parent company, NewCo, that will own Corus. The note holders will own 99 per cent of the new company's shares. The recapitalization is being done through a plan of arrangement under the Canada Business Corporations Act.