Home / Knowledge / News / Apparel/Garments / Tefron lenders agree to continue & expand financing
Tefron lenders agree to continue & expand financing
09
Jan '10
Tefron Ltd. the global leader in seamless and engineered apparel, announced that it has signed a Memorandum of Understanding (MOU) with its principal lenders to continue and expand its line of credit.

The MOU, signed on 6 January 2010 with Bank Leumi le-Israel Ltd., Bank Discount le-Israel Ltd. and Bank Hapoalim Ltd. effectively ends a month of financial uncertainty for Tefron.

“With the signing of the MOU, we have removed the last element of doubt about Tefron's financial picture. This closes the chapter on what has clearly been a challenging month for our company,” said Jacob Gelbard, Chairman, Tefron Ltd.

The MOU ensures the continuation of the existing $28.95 million USD line of credit and adds an additional $1.8 million USD for a total credit line of US $30.75 million USD. The MOU also calls for the addition of a minimum of $4 million USD in equity investment – an investment major shareholders have committed to make at an upcoming rights offering.

“This successful resolution of our financial challenges allows Tefron to focus on the most urgent work: executing our turnaround plan and meeting customer needs with superior products,” said Gelbard. “The continued loyalty and support of those customers and our industry-leading technology and innovation were clearly key in reaching this agreement with our financial partners.”

Tefron Ltd. counts among is customers some of the world's most recognized brands including Nike, Patagonia, Victoria's Secret, Calvin Klein and Lululemon Athletica.

Tefron Ltd

Must ReadView All

Courtesy: AWI

Textiles | On 20th Jan 2017

Australian wool EMI at highest ever level in Au$ terms

The Eastern Market Indicator (EMI) managed to forge ahead by a...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Apparel/Garments | On 20th Jan 2017

Fashion etailer Fynd to offer Yepme product offerings

Online fashion retailer Fynd has signed a partnership with Yepme,...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search