On July 30, 2008, Ainsworth Lumber Co. Ltd. (TSE:ANS), a leading manufacturer of engineered wood products, including oriented strand board, completed a US$1.2 billion recapitalization transaction pursuant to a plan of arrangement under the Canada Business Corporations Act. The transaction involved the exchange of US$824 million of debt for new equity and warrants, US$150 million of new senior unsecured notes, and the issuance for cash of US$200 million of new senior unsecured notes.
Concurrently with the recapitalization, Ainsworth amended three credit facilities representing approximately US$175 million in senior secured and unsecured debt.
Further information is found on Ainsworth's website.