What’s happening with the Freedom Foods (ASX:FNP) share price?

The Freedom Foods Group Ltd (ASX: FNP) share price has been suspended for over seven months but could soon be returning to the ASX boards.

This morning the embattled food company released an update on its recapitalisation.

What did Freedom Foods announce?

According to the release, Freedom Foods has reached an in-principle agreement with its majority shareholder, Arrovest, for a recapitalisation of the business. This will involve the issue of secured convertible notes.

Arrovest, which is owned by the Perich family, has stepped in after advanced talks between another new investor collapsed.

In addition to this, the company advised that the in-principle agreement with Arrovest has the non-binding indicative, in-principle support of…