VANCOUVER - Shares of Ainsworth Lumber Co. Ltd. (TSX:ANS) were up more than 18 per cent Monday after the company proposed a new slate of directors.

Ainsworth stock traded at $1.24 on the TSX, up 19 cents with 3,500 shares changing hands. The Vancouver company named a new set of directors Friday, to serve after a recapitalization of the company that will see the majority family owned and run company handed over to debtholders

They include Robert Chadwick, Jay Gurandiano, Paul Houston, John Lacey and Jonathan Mishkin. Morley Koffman and Gordon Lancaster, who currently serve on the board, will remain.

The current board, which includes Allen Ainsworth, Brian Ainsworth, Catherine Ainsworth, David Ainsworth, Susan Ainsworth, Robert Fairweather, Doug Buchanan and Gordon Green, will be replaced by the new board when the recapitalization is complete.

The plan, expected to close by July 29, will see the company's $823.5 million in unsecured notes exchanged for equity and US$150 million of new unsecured notes due in 2015.

Ainsworth owns one mill in each of B.C., Alberta and Ontario and three in Minnesota.

It also owns 50 per cent of a mill in Alberta. Privately-held Grant Forest Products, which owns a 34 per cent stake in Ainsworth, owns the other half of the Alberta mill.

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