Oct 7 (Reuters) - Canadian organic food company SunOpta Inc 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.
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.
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)