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December 28, 2011 - Leading natural and organic bedding
producer
Natura World said today it had filed a Notice of
Intention (NOI) to make a proposal under the Bankruptcy
and Insolvency Act with the Office of the Superintendent
of Bankruptcy in Canada to restructure its business. The
company also reached agreement with its lender, Callidus
Capital of Toronto to provide $7.8 million (Canadian) in
new financing. The new business plan will create a
unique opportunity for Natura to solidify its position
as the leading natural and organic sleep products brand
throughout the world.
The company said there will be no disruption of
service to its customers, vendors or suppliers. In fact,
the company’s improved cash position will enable it to
improve relationships with these stakeholder groups.
Natura World USA, based in Texas, and NexGel, are not
affected by the filing.
The company said it expects the reorganization
process to conclude expeditiously.
Under the new business plan, Natura World President
Ralph Rossdeutscher will maintain his majority ownership
stake in the company.
“The decision to file this reorganization plan was
made to strengthen our business and to solidify Natura
as the leading natural and organic sleep products brand
in the world. This strong infusion of capital will
strengthen our current business and position the company
for dynamic future growth,” said Rossdeutscher.
He explained that the NOI process was a necessary
step for Natura to shed debt it had amassed three years
ago when it made significant investments in new
products, equipment and technologies, just prior the
recession hitting in the United States, the company’s
largest market.
“While we have reduced operating expenses
significantly over the past two years and our current
business run rate is actually profitable, we could not
fully right the ship and pay down the debt we amassed
several years ago, without going through this
reorganization process,” he added.
Natura World is a family-owned business with a unique
approach to sleep. They develop innovative products for
all areas of sleep, not just a mattress or a pillow.
Natura World’s goal is to eliminate common sleep
disturbances and help people sleep well in order to live
better.
To learn more about Natura’s luxurious products or
to find a retailer near you, visit
www.naturaworld.com. |
