For those still owed money, and interested in an "update".....
Today, Tuesday April 26th, NAFA, and its Monitor, obtained Court and Secured Creditor approval of a recently signed Asset Purchase Agreement (“APA”) between the Company and a third party purchaser. Under the terms of this deal, NAFA agrees to sell the following assets in phased closing for a value that shall remain confidential:
• All NAFA intellectual property including the Blackglama trademark;
• NAFA’s building in Poland, as well as
• NAFA’s building located at 205 Industrial Circle in Stoughton, Wisconsin.
NAFA believes that this sale of some of its most significant assets reflects the best available outcome for NAFA’s various creditors and stakeholders for the following reasons:
1. The APA represents the best and most comprehensive offer for the sale of the purchased assets following a lengthy and rigorous sales process;
2. Once closed, the net sale proceeds will satisfy a material portion of the Secured Creditors’ debt;
3. The closing will reduce (and ultimately, eliminate) NAFA’s carrying costs for the properties being sold; and
4. After more than 2 years, there have been no other formal or credible offers received for these assets.
Beyond this transaction, NAFA continues to endeavor to realize on its remaining major assets, including sales of mink pelts, insurance claims, long term debt recoveries, etc., in order to satisfy the Secured Creditors debt in full, and looks forward to the time when it can generate additional funds that can be directed towards its remaining creditors. However, the process of realizing on these remaining assets is still, undoubtedly, going to take time. For this, we apologise as we know that the patience of so many has already been stretched over the last 2+ years. Nevertheless, NAFA believes that, in the current circumstances, both with respect to its own fortunes and those of today’s fur market, this path forward is the best one available for the Company, its stakeholders, and its creditors.
Many Thanks,
NAFA Communications
