Wood Week

- Among the week's top stories were a $250 million note offering by Steelcase; and news of a West Coast auction of $2 million in excess wood inventory plus semi-trucks and machinery.

Also in the news this week,  Scanwood Canada Ltd., one of IKEA's Canadian ready-to-assembly furniture manufacturer declared insolvent; and damage and endangerment for precious wood antiquities as Egypt's political fortunes spin out of control.

IKEA furniture supplier declared insolvent Scanwood, a Dartmouth, Nova Scotia wood furniture manufacturer supplying  IKEA, was declared insolvent by a Halifax court. Jolted by RBC Royal Bank reportedly calling in its $2.1 million line of credit unexpectedly, Scanwood continues producing RTA furniture for IKEA as it looks to regain its financial footing.>> 

Steelcase to sell $250 million in notes Office furniture giant Steelcase Inc. has agreed to sell $250 million aggregate principal amount of 6.375% senior notes, due Feb. 15, 2021. Last week, Steelcase recalled chairs that were could tip over>> 

Egypt's ancient wood at risk Wood sculptures and furnishings thousands of years old are threatened by Egypt's social upheaval, and the army defends museums against looters. Collections of Egyptian woodworking artifacts are unparalleled for their age. >>

Raynor fined for selling defective chairs Raynor Marketing Ltd. agreed to pay a civil penalty of $390,000 from allegations by the U.S. Consumer Product Safety Commission
that it knowingly sold defective office chairs to
consumers. The chairs, made in China, were sold at Office Depot.>>

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