Canadian water manufacturer Flow Beverage is facing a change in ownership as lenders move to acquire the business due to alleged defaults on secured loans. The company announced a structured foreclosure deal with NFS Leasing Canada and RI Flow, with the lenders taking over ownership. Former CEO Nicholas Reichenbach has stepped down, and the lenders will acquire most of the company’s assets in exchange for extinguishing its debt. Despite some debt remaining, Flow Beverage will have an improved balance sheet. The new owners plan to offer employment to some of the company’s workforce, as the business works through financial challenges and recent losses.

Read more at Yahoo Finance: Lenders to buy Flow Beverage