SunOpta gets $85 mln from Oaktree Capital Management, to clear debt

SunOpta

07/10/2016 19:11

Oct 7 (Reuters) - Canadian organic food company SunOpta Inc 
 SOY.TO   STKL.O  said it received $85 million from investment 
manager Oaktree Capital Management LP, in exhange for preferred 
shares, to pay off its second lien debt. 
    In reaching the agreement with Oaktree, SunOpta said it has 
concluded the previously announced review of strategic 
alternatives for the company.  urn:newsml:reuters.com:*:nBw89KMBSa 
    SunOpta had hired financial and legal advisers in June to 
explore strategic alternatives, months after its largest 
shareholder Tourbillon Capital Partners LP urged the company to 
sell itself due to its frustration with the company's 
performance.  urn:newsml:reuters.com:*:nL4N19J44B 
    The company's U.S.-listed shares were down 13.3 percent at 
$6.05, and its Toronto-listed shares down 12.4 percent at C$8.19 
in afternoon trading. 
 
 (Reporting by Vishaka George in Bengaluru; Editing by Shounak 
Dasgupta) 
 ((vishaka.george@thomsonreuters.com; within U.S. +1 646 223 
8780, outside U.S. +91 80 6749 1130; Reuters Messaging: 
vishaka.george.thomsonreuters.com@reuters.net)) 
 
Keywords: HEDGEFUNDS SUNOPTA/RESTRUCTURING