Cavalier to trim debt by $6.5 mln from Ontera asset sale

Wed, 26 Aug 2015

By Paul McBeth Aug. 27 (BusinessDesk) - Cavalier Corp, which is restructuring its business to revive its earnings, expects to cut debt by $6.5 million from the sale of its Ontera Modular Carpets unit. The Auckland-based company flagged the sale to Australia's Milliken & Co earlier this month, and anticipates the deal will settle in one or two weeks, it said today. The deal is conditional on key Ontera employees accepting jobs with Milliken and the transfer of certain contracts and leases to the Australian company. If the sale goes ahea...

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