Conifex Timber (TSE:CFF) has released an update.
Conifex Timber Inc. has amended its credit agreement with Wells Fargo, securing additional short-term liquidity and the continued support of its revolving loans until May 31, 2024, despite facing a decrease in lumber prices and negative EBITDA in 2023. The company has engaged Raymond James Ltd. to explore replacement funding options and is also restructuring its power business finances, with hopes to complete long-term financing solutions by the second quarter of next year. Conifex remains optimistic for an improved EBITDA in Q1, 2024, following operational adjustments that have already begun to reduce losses.
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