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Peanuts from walnuts

15 November 2012 By Jeffrey Goldfarb

The snacks purveyor finally cleaned up its books, more than a year after Breakingviews helped uncover errors. The upshot is $57 mln of lost profit and pricey debt equal to a hefty 7.5 times generously adjusted EBITDA. Getting back on track requires more than better accounting.

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