Posted AT 4:24 PM EDT on 17/06/08
Creditors to take over most of Ainsworth
VANCOUVER — — Ainsworth Lumber Co. Ltd., a manufacturer of wood panels that has been hurt by the slowdown in U.S. house construction, says its board and certain major financial creditors have negotiated a recapitalization plan.
Debt holders would end up owning 96 per cent of the company, after exchanging $823.5-million in unsecured notes for equity and $150-million (U.S.
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