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Technology leader Tefron in financial trouble

09
Dec '09
Tefron Ltd, a textiles and apparel manufacturing company, which has accumulated debts of NIS 35 million has approached three of its lender banks to restructure its loan. The company will give the banks a detailed business plan for 2010 by the end of this year.

Tefron is a global leader in production of seamless and engineered apparel and in a short period of time has quickly taken a dominant market position in performance sports wear. It has been first in the market with products like seamless bra, soft-waistband panty and ultrasonic seam.

The company employs around 1,000 people at its plant in Galilee, Jordan and the Far East and all these jobs could be on the chopping block if the three banks do not accept the restructuring plan put up by the company.

Fibre2fashion spoke to Mr Alon Shadmi, Vice President (Marketing) who confirmed the news by saying that, "Tefron Ltd has to give to the three banks a plan by the end of December and we fully believe we will be able to give a concrete plan that will help in the future".

Fibre2fashion News Desk - India


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