Owner Dave Wolpin says a private funding agreement has been reached that will allow Kredl’s the time it needs to put a longer term financial solution in place but it means Kredl’s will be staying in business.
At a court appearance in mid-December, the company was granted a 30 day extension to secure funding to pay off its balance with Farm Credit Canada, which is around $1.9 million. Farm Credit Canada told the court it was willing to accept $900 thousand and walk away from a million but if no funding had been secured by January 17th, Kredl’s would have been forced into bankruptcy.
Wolpin admits money will still be owed to suppliers, family members and friends and vows he will work to pay them all back.
He concedes mistakes were made 3 and 4 years ago but over the last year, Kredl`s has turned a profit.
