Clearwater Seafoods Nets Debt Extension

Clearwater Seafoods of Bedford, Nova Scotia, yesterday said it negotiated a seven-month extension with its creditors on nearly US$50 million in debt.

The shellfish supplier said the extension to June 8, 2009, covers term notes of CN$43 million (US$34.2 million) and US$15 million, debts that were originally due on Monday. 

The company agreed to several conditions including restrictions on capital spending, asset sales and incurring additional debt, and a ban on distributions to unit holders during the extension.

Clearwater also said it has been able to restructure some of its foreign exchange contracts.


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