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Posted AT 5:57 PM EST on 08/10/08

Clearwater plans to go private in jeopardy

JOHN PARTRIDGE

Globe and Mail Update

Iceland's growing bank crisis is threatening Halifax-based Clearwater Seafoods Income Fund's plan to go private. Clearwater said Wednesday that it has delayed the deal's closing to Oct. 31 from Oct. 17 and that there is no guarantee it will be consummated. Its statement came after Iceland's Glitnir bank, which was to have helped fund the deal, was placed in receivership Tuesday night. Clearwater units, which had closed Tuesday at $4.

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