Clearwater says banks willing to finance plan

CP

Fisheries magnate John Risley says he's had several offers from banks willing to finance his purchase of publicly traded Clearwater Seafoods Income Fund units, but so far the interest rates offered are too high to restart the frozen deal. Mr. Risley, co-owner of the Halifax-based holding firm trying to privatize the income trust, has been scrambling to replace Glitnir Bank of Iceland since the investment banker went into receivership due to the credit crunch. On Thursday, Clearwater announced Glitnir was pulling out of its commitment to provide a $25-million loan to buy out unitholders in the struggling fisheries income trust. However, Mr. Risley said he's still confident the deal will go through. "We've had several offers. We haven't had to look very far because the telephone has been ringing off the hook," he said. CLR.UN (TSX) fell 60 cents to $2.15.