Robert Gibbens, The Montreal Gazette

Shermag Inc., the Quebec furniture maker struggling to overcome a three-year flood of low-cost imports from China and other parts of Asia, has signed a $65 million pact with Wachovia Finance Corp.

(Canada) that will help it finance the completion of its massive restructuring.
CEO Jeff Casselman said the new financing package wih the Canadian subsidiary of U.S. banking giant Wachovia Corp. consists of a term loan of up to $10 million, plus access to a further $55 million.
The money will go to repay existing debt and back Shermag’s conversion from a mass-market operator to “made-to-order” manufacturing.
© The Montreal Gazette