NAFA Financing

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October 20th, 2019, 07:59 PM
Saskfly

NAFA Financing

For those that have been following the NAFA saga.

To: NAFA Customer

As you know from previous communications, NAFA has been, for many weeks, working towards a refinancing of the Company with a new lending syndicate that we hoped and expected would be in place by Thursday, October 17th. Unfortunately and most regrettably, despite our best efforts, this new financing has now fallen through. There are a variety of reasons for this, none of which are important at this point in time.

Consequently, NAFA’s Senior Management is currently pursing other strategic options in order to preserve NAFA’s business in some form so that it can continue to satisfy the needs of our customers, both buyers and consignors, employees and other stakeholders.

We greatly appreciate the support and patience of our customers during these difficult times. Obviously, after expending so much effort in recent times to preserve NAFA as we have come to know it, we are deeply sorry to have to be in this position. Nevertheless, we continue to work hard to secure the best possible future for the Company, our customers and the trade.

We will announce further details as they develop over the coming days.

Sincerely,

Douglas Lawson
President & CEO

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October 20th, 2019, 08:32 PM
fratri

Wow, so they are going under...not a good thing
October 22nd, 2019, 07:15 AM
Muskyhunter

I hope they pull through.
November 19th, 2019, 09:53 PM
trapper

Unfortunately they are done they will be returning any fur not sold to the shippers.The only one left now is North Bay.
November 19th, 2019, 10:09 PM
trimmer21

It's unfortunate that the furs they had in storage will be dumped on the open market driving the prices down. It could drive a lot of trappers out of the craft,altogether. It's also hard to imagine their inability to get new financial firms to back them. In today's current financial market,one would think any number of companies would be all over it like a fat kid on Smarties. I'd like to hear the "inside" story.
November 20th, 2019, 06:07 PM
Saskfly

Inside story is ranch mink. They bought out farms that where failing hoping the market would recover and it never did.

Have not seen anything about them returning unsold fur.

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November 21st, 2019, 08:39 AM
kokes

Quote:

Originally Posted by trimmer21

It's unfortunate that the furs they had in storage will be dumped on the open market driving the prices down. It could drive a lot of trappers out of the craft,altogether. It's also hard to imagine their inability to get new financial firms to back them. In today's current financial market,one would think any number of companies would be all over it like a fat kid on Smarties. I'd like to hear the "inside" story.

I agree with you on this,. but my guess is there is too much pressure being put on the financiers from tree hugging libs who live in Toronto, New York, They lobby banks, funds, and put pressure on them not to finance or deal with "bad companies" it happened in the US where some mutual funds had to drop Sturm Ruger from their funds, and my personal guess this is no different... I hope they pull through.