There appears to be a change in the corporate structure that goes along with this recapitalization.  The debt, the preferred shares and the commons shares (all existing) were issued by Yellow Media Inc.(YLO).

 

On page 8 of the circular, the "issued and outstanding share capital of New Yellow Media will consist of only ....".

 

I did not know of this change.  So, it appears the recap will trigger capital gains and losses and possibly dividends as mentioned in the circular in some places.   Beginnin to make sense....