US food maker Aurora Foods has said that it is undertaking a comprehensive financial restructuring aimed at reducing debt and strengthening its balance sheet. As part of this restructuring, Aurora said it has entered into an agreement in principle with J.W. Childs Associates, a Boston-based private equity investment firm, under which J.W. Childs will make an investment of US$200m for a 65.6% equity interest in the reorganised company. Aurora valued the transaction at approximately $925m.