Home / Knowledge / News / Apparel/Garments / Tefron lenders agree to continue & expand financing
Tefron lenders agree to continue & expand financing
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: Li & Fung

Textiles | On 29th Mar 2017

Li & Fung introduces new 3-year plan 2017-2019

Li & Fung Limited has outlined its next Three-Year Plan (2017-2019)...

Courtesy: Carrington

Apparel/Garments | On 29th Mar 2017

Carrington Workwear signs JV with TMG Textiles

Carrington Workwear, one of the largest producers of workwear fabrics ...

Apparel/Garments | On 29th Mar 2017

Jabong launches Aeropostale on its platform

Jabong has added leading American high-street fashionwear brand,...

Interviews View All

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Victor Chao

‘In future, clothing boundary lines will become increasingly blurred.’

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

March 2017

March 2017

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


Browse Our Archives


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