Oaktree To Sink $225M Into Diamond Foods' Rebuilding Plan

Law360, New York (May 23, 2012, 2:06 PM EDT) -- Struggling snack giant Diamond Foods Inc., which owns the PopSecret and Emerald nuts brands, has nabbed $225 million in financing from Oaktree Capital Management LP to shore up its balance sheet in the wake of an accounting scandal, Diamond announced Wednesday.

In the deal, Oaktree will have the option to pick up roughly 4.4 million Diamond shares at $10 a pop, which could give the Los Angeles private equity firm up to a 16.4 percent ownership stake in the food company, Diamond said.

The parties expect...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.