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ST. LOUIS -- Aurora Foods, Inc., the manufacturer of Duncan Hines cake mixes, Aunt Jemima frozen waffles, and a host of other supermarket staples is in the process of selling a majority stake in the company to J.W. Childs Associates L.P. for $200 million as part of a prenegotiated bankruptcy plan.
Aurora's existing $400 million in subordinated debt will be converted into a new combination of equity and cash under the agreement.
Aurora also owns Van de Kamp's and Mrs. Paul's frozen seafoods, Celeste frozen pizza, Lender's bagels, and Log Cabin and Mrs. Butterworth's pancake syrups.
Ronald Hutchinson was named as Aurora's chief restructuring officer, a role he previously held at Kmart, which emerged from bankruptcy protection in May. Boston-based Childs is also expected to name food industry veteran Lawrence Hathaway, the former president of International Home Foods, as Aurora's c.e.o.