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Tefron back from the brink
Friday, 08 January 2010

Misgav - Tefron has finally secured its immediate financial future after its main lenders accepted the company?s proposed operating strategy for 2010.

The three banks, Bank Hapoalim, Israel Discount Bank and Bank Leumi, originally rejected the company's proposed plan saying it showed continued losses and did not show how Tefron would pay back its debts. If the banks had not approved the new plan, it is likely they would have cancelled the US$29 million credit line and closed the company down.