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Spinnova signs €1.5 million Tearfil loan

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Spinnova has signed a binding €1.5 million ($1.7m) loan agreement to provide bridge financing to Portuguese yarn spinner Tearfil, which it is considering acquiring.

The loan is intended to support Tearfil’s working capital during a Portuguese court-supervised process to restructure its debts. Spinnova’s approval is required for its use.

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