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Aurora Foods to undergo financial overhaul

Aurora Foods Inc, a St Louis MO-based producer and marketer of frozen food brands, is undertaking a financial restructuring designed to reduce its outstanding indebtedness, strengthen its balance sheet, and improve its liquidity.

As part of the restructuring, Aurora has entered into an agreement in principle with J W Childs Associates LP, a Boston MA-based private equity investment firm. J W Childs will make an investment of $200 million for a 65.6% equity interest in the reorganized company at a transaction value of about $925 million. Aurora also announced that it has begun discussions with its bank lenders and bondholders regarding terms of the restructuring.

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