- SunOpta (NASDAQ:STKL) shares sank 7% in today's trade after saying it received $85M from Oaktree Capital Management (OAK) in exchange for preferred shares, to reduce its second lien debt.
- STKL also says it will appoint three independent directors to its board, including two nominated by OAK.
- STKL had been exploring strategic alternatives after top shareholder Tourbillon Capital Partners urged it to sell itself due to its frustration with the company's performance.