TORONTO: Canadian organic food company SunOpta Inc said it has got $85 million from investment manager Oaktree Capital Management LP, in exchange 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.
The company's U.S.-listed shares were down 9.4 percent at $6.34, and its Toronto-listed shares were down 9.2 percent at C$8.40 in afternoon trading. Brampton, Ontario-based 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.
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