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.