Bertolli olive oil maker SOS Corporacion Alimentaria has set out plans to raise almost EUR600m (US$804m) as part of its plans to restructure its debt and expand the business.

The Spanish food group said yesterday (27 September) that it wanted to raise EUR200m by offering new shares in the business. Some EUR120m of those proceeds will be used to repay SOS's debt, with the remaining cash being used to "develop" the business through entering new markets and creating new products.

SOS also plans to raise EUR237m from converting debt bought by private investors into shares. Under the plans, SOS also wants to raise EUR159m by converting bank credit into shares.

The company's board will put the proposals before its shareholders at an EGM on 29 October.