The Globe and Mail reports in its Thursday edition that Corus Entertainment has obtained court approval to move forward with its recapitalization plan to cut debt and liabilities after a shareholder vote in January failed to garner enough support. The Globe's Irene Galea writes that Corus said Tuesday evening it had received an order from the Ontario Superior Court of Justice allowing it to proceed with the transaction, which will reduce its total debt and liabilities by more than $500-million, and decrease its interest payments by up to $40-million. Corus has said the plan will strengthen its financial foundation and support its long-term strategy, allowing it to maintain 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, Corus has continued to see its overall revenue and profit decline in recent quarters, a challenge facing the broadcast industry as a whole. The recapitalization plan is subject to various regulatory and stock market approvals. Corus said it is working to gain those approvals and complete the recapitalization plan "as soon as reasonably practical."