Centuries-old Spanish tapestry factory saved from bankruptcy



A centuries-old tapestry factory in Spain has come back from the brink of bankruptcy after an injection of public money, a debt restructuring plan and its biggest order in 200 years - a German commission for dozens of tapestries.
The turnaround of the 296-year-old Royal Tapestry Factory in Madrid is a rare bright spot for Spanish companies facing insolvency. Nearly 50,000 businesses have entered administration since the start of the country's economic downturn in 2008.
The market for hand-woven tapestries and rugs plummeted during Spain's financial crisis, with key clients like the... read more

 
13 October 2016 in World News, Views: 34
Source: Reuters
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