Quote from Oct 2012 Globe & Mail Article on Yellow Media "The company said it needs to restructure because it is carrying too much debt and much of it is set to come due in the next year. Revenue is declining at its printed Yellow Pages division, and digital revenue isn’t growing fast enough to make up the difference."
The quote above underlines the key difference between the Yellow Media situation pre their restructuring and CXR's situation today. CXR has no significant debt comng due until 2021 while Yellow Media had most of its debt coming due in the year following their restructuring. Any restructuring of CXR will have to obtain court and stakeholder approvals and I am at a loss to see how any judge would allow a restructuring to occur when the company has as much liquidity as CXR has and has no debt maturities looming for several years.