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Tefron on the brink
Wednesday, 09 December 2009

Misgav - Tefron?s major shareholder has agreed to inject much needed capital into the crisis hit business if the company?s lenders offer their support.

The company?s major shareholder, Norfet which is made up of First Israel Mezzanine Investors Fund and Mivtach Shamir Holdings have confirmed they will move to shore up the activewear and seamlesswear firm - but with conditions.

Norfet, which holds a 21% stake in Tefron, is willing to inject up to US$4 million into the company, by participating in a previously planned rights issue, but also want the banks' commitment to help the troubled business.