diff --git a/py/execnet/gateway.py b/py/execnet/gateway.py
index 57c089683..6a23c0d24 100644
--- a/py/execnet/gateway.py
+++ b/py/execnet/gateway.py
@@ -167,7 +167,8 @@ class Gateway(object):
             except IOError: 
                 self._trace('IOError on _stopsend()')
             self._channelfactory._finished_receiving()
-            self._trace('leaving %r' % threading.currentThread())
+            if threading: # might be None during shutdown/finalization
+                self._trace('leaving %r' % threading.currentThread())
 
     from sys import exc_info
     def _send(self, msg):