DARTMOUTH, Nova Scotia — Scanwood Canada Ltd., a manufacturer based there that produces case goods only for retailer Ikea, has received court approval for a C$1 million loan to keep it in business, CBC News reports.
The company, which employs more than 200, owes creditors C$12 million and is in the midst of a C$6 million modernization to make it more efficient, CBC said.

The Royal Bank and Business Development Bank had opposed Scanwood's request to borrow more money.

Company President Bo Thorn said he was relieved the court had allowed his company to stay in business. "We are trying to produce as much as we can. We are constricted by the material we have on hand and our cash flow. This is hard on our people and requires patience on our customer, Ikea's, behalf," said.