CANADA: CoolBrands files details on working capital
In a regulatory filing, the troubled Canadian ice creams, frozen snacks and fresh yogurt producer CoolBrands International has stated that it currently has approximately US$3.5m of excess availability under its existing revolving credit facility and is actively pursuing other sources of working capital liquidity.
Other possible sources of liquidity could include the sale of certain of its ice cream assets such as its remaining distribution assets, CoolBrands' foodservice division and CoolBrands' ice cream brands, and the sale of CoolBrands' owned real estate, the company said.
In January, CoolBrands reached an agreement to sell its yoghurt division CoolBrands Dairy to Lily Acquisition for US$45m in cash.
CoolBrands has been hit by a series of setbacks over the past year or so, including the negative impact on its business resulting from the declining popularity of low-carb diets and the loss of a major contract with the Weight Watchers brand.
The company reported a loss of C$24.2m (US$20.73m) for the first nine months of the 2006 fiscal year, including an $11.8m loss in the third quarter. Since then, CoolBrands has fallen behind on its quarterly reports and is now required by the Ontario Securities Commission to make bi-weekly filings until it is back in compliance with regard to its quarterly financial reporting.
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J & J Snack Foods has acquired Whole Fruit Sorbet and Fruit-a-Freeze frozen fruit bar brands, along with related assets and a manufacturing facility, from CoolBrands International....
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