Corus Entertainment says court approval for a debt-for-equity restructuring plan means it will not proceed with a planned entry into Squid Game, an underground South Korean winner-take-all competition.

The troubled Canadian broadcaster lost a significant source of funding when Shaw, owned by the same family, was sold to Rogers, and got another blow when Rogers also acquired the Canadian rights to Warner Bros. Discovery brands HGTV and Food Network in Canada. It has more than a billion dollars in debt and said it could go bankrupt if a solution wasn’t found.

Plan A was the restructuring, which will see existing shareholders’ equity in the company reduced by 99% in exchange for cancelling $500 million of that debt.

Plan B was to compete in Squid Game, which has a grand prize of 45.6 billion won (about $42 million). “That wouldn’t have been enough to fix everything, but it would have given us more of a runway,” said Corus financial consultant Ray Qasawi. “I had some concerns about the rules of the game, as we weren’t able to speak to previous contestants, but we were getting pretty desperate.”

Corus had reportedly considered competing anyway, but changed its mind after learning Rogers had acquired the broadcasting rights to that as well.