The Globe and Mail reports in its Wednesday edition that unsecured lenders to Corus Entertainment are gearing up to contest control of the media company rather than allow rival Quebecor to acquire it at a substantial discount to the overall value of their loans. The Globe's Andrew Willis writes that Corus is restructuring its $1.05-billion in debt, possibly including a company sale, with noteholders facing returns as low as 10 cents on the dollar. Recently, Canadian institutional investors holding a significant portion of the $750-million in unsecured notes formed a committee, led by Canso Investment Counsel, to represent their interests. Noteholders may face significant losses on their loans if Corus is sold for less than $400-million, including debt. They are exploring alternatives to a quick sale, such as swapping their debt for equity, which would give them control of Corus and allow for a gradual stock sale. Canso, managing over $50-billion, has successfully led debt-for-equity restructurings, including one for Postmedia Network Canada, recovering all funds owed. Quebecor has held a number of meetings with Corus executives and the company's creditors. Corus, however, has yet to engage in formal negotiations.