TAIWAN: Tuntex And Hualon Fight To Survive Textile Slump
Tuntex Distinct said it is seeking court protection and Hualon Corp asked for government help in creditor talks, as the Taiwanese textile makers struggle with a loss of orders to cheaper manufacturers in Southeast Asia. Tuntex Distinct, the textile-making arm of Tuntex Group, on Monday filed for court receivership - a status that would give it time to reorganise while stopping creditors from calling in NT$29.3bn ($876m) of loans to the company. Hualon asked Taiwan's Ministry of Finance to force banks to cut interest charges and extend repayment on NT$18.2bn of its loans.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-style gives you the widest apparel and textile market coverage.
Paid just-style members have unlimited access to all our exclusive content - including 16 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
- Trump blows the case for Brexit out of the water
- How to ensure sustainability is more than a slogan
- Steps to piloting living wage in garment factories
- Duty-free trade key to build Africa supply chains
- Bangladesh slips as US imports decline in October
- Taiwan textile maker investing in first US plant
- Outdoor apparel sector set for double-digit growth
- US Q3 in brief – Destination Maternity, Cherokee
- World cotton price prospects lifted again
- Adidas NYC flagship raises the bar on sport stores