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Natura's Canadian HQ Moves Into Next Stage of Bankruptcy

Natura World's headquarters in Canada has moved into a new stage of bankruptcy known as receivership ... Which Wichita Falls Chamber of Commerce President Tim Chase says is equivalent to chapter seven bankruptcy" in the States.<br>
Natura World's headquarters in Canada has moved into a new stage of bankruptcy known as receivership ... Which Wichita Falls Chamber of Commerce President Tim Chase says is equivalent to chapter seven bankruptcy" in the States.
    Chase explains that the Canadian courts appear to have told Natura that its efforts to reorganize have failed -- and therefore, the assets of the company need to be sold ... To repay those who are owed money.
    While this would normally be negative news ... Chase says there appears to be a company in canada that's about to purchase the Canadian holdings and continue operations under the name Natura.
    Chase says this has not yet been confirmed by Natura... and he says it's hard to say what this could mean for the Wichita Falls manufacturing plant.
   "You know I'd love to be able to answer that with clarity, and but we just can't. I think anytime you have a company that goes into bankruptcy, and this rapidly appears to be bought back out of bankruptcy, that's a pretty positive sign."
    Chase says Natura's president has told him the Wichita Falls plant is manufacturing mattresses on an "order by order" basis ...
    Chase estimates that 10 to 20 people are now employed at the Wichita Falls plant.
    When the city invested more than eight million dollars in Natura two years ago, the company pledged to bring 400 new jobs to the plant and its two sister companies in the next three years.
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