Ooops, they did it again, The National Post reported today that the Federal CSCF - The Canadian Secured Credit Facility did another deal, as I understand it would be deal # 2 . The first was with a Dutch owned construction equipment firm .
The deal had BDC , as administrator, buying 1.2 Billion dollars ( yes thats billion ) in floor plan receivables . From who - GMAC and FORD !
Great deal for all parties concerned I guess, kudos of course . Can I be forgiven for again thinking this facility was supposed to fund Canadian businesses in the current liquidity crunch . The more things change the more they stay the same . Don't get me started.
Stan
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