North American Palladium Completes Recapitalization

North American Palladium (TSX:PDL) announced that it has completed its previously announced plan of arrangement involving a recapitalization.
As quoted in the press release:

As previously announced, the Arrangement received support at the Meeting of Debentureholders and the Annual & Special Meeting of Shareholders, both held on July 30, 2015. The Arrangement also received final approval from the Ontario Superior Court of Justice on August 5, 2015.
All amounts owing to Brookfield Capital Partners Ltd. (“Brookfield”) (except in respect of all accrued and unpaid interest, which was paid to Brookfield in cash upon closing of the Arrangement, and the bridge loan facility) have been converted into common shares of the Company. In addition, all of the Company’s 2012 and 2014 convertible debentures have been converted into common shares of the Company, and the convertible debentures will cease trading on the Toronto Stock Exchange and be delisted as of the close of trading on August 10, 2015.
Upon closing, the Company’s common shares were consolidated on the basis of one (1) new common share for every 400 existing common shares.
As previously disclosed and in accordance with the recapitalization agreement entered into between the Company and Brookfield, the Board of Directors has been reconstituted. The Company’s Board of Directors is now comprised of J. Peter Gordon, David Nowak, John W. Jentz, Dean Chambers, and Greg Fauquier.

North American Palladium CEO, Phil du Toit, said:

The recapitalization is a major step toward normalizing NAP’s capital structure and enhancing liquidity. We believe we are now well-positioned to pursue the longer-term potential at our Lac des Iles mine.

Click here for the full press release.