Tuntex Distinct Corp (
The court granted Tuntex a three-month injunction while it considers whether to order receivership, which is similar to Chapter 11 bankruptcy protection in the US. This would give Tuntex time to develop a viable recovery plan while stopping creditors from calling in loans and seizing assets.
Tuntex, which make fibers such as polyester, is struggling as Taiwan exports slow and garment makers and other customers shift production overseas to cut costs. Textile makers' overseas orders fell 2.9 percent in the first four months to US$4.6 billion.
The textile-making arm of Tuntex Group (東帝士集團), in a statement distributed by the Taiwan Stock Exchange, blamed a fire at its headquarters earlier this month for its difficulties in sustaining its operations. The fire damaged buildings in the Eastern Science Park.
Tuntex Distinct creditors include China Development Industrial Bank (
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