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Old 04-09-2014, 01:08 PM   #1
Potemkin
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Default Cheap yarn going away

Buy it up people.

Smaller company but Chinese firms are very interlocked unlike many Western firms. Plus, when one in a sector goes down, the others tend to follow.
(Steel, solar cells, etc.)

Chinese economic problems are going to impact everyone.


China's next bond default looms as polyester firm declares bankruptcy

Tue Apr 8, 2014 6:05am EDT


* Polyester firm in Zhejiang declares bankruptcy
* Coupon payment on $9.7 mln in bonds due in July
* String of recent defaults highlights rising credit risk
* More defaults expected as economy slows
By Yong Xu and Gabriel Wildau


SHANGHAI, April 8 (Reuters) - A small manufacturer of polyester yarn based in China's wealthy Zhejiang province has declared bankruptcy, threatening its ability to meet an interest payment on a high-yield bond due in July.
Zhejiang Huatesi Polymer Technical Co Ltd asked a local court for bankruptcy protection in early March, according to an announcement on the website of the Anji County People's Court.
The firm sold 60 million yuan ($9.7 million) in bonds in a private placement in January 2013 at an interest rate of 11 percent. The next interest payment is due on July 23, while the bond matures in January next year.


More here: http://www.reuters.com/article/2014/...0N02A020140408
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Old 04-09-2014, 01:38 PM   #2
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I think there is a translation issue - "Our Main products are polyester chips, POY, FDY, DTY, PET, PTA, MEG, chemical fiber and other related products."

Their fiber production is more likely intended for mass produced fabric used in clothing and industrial applications.
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Old 04-09-2014, 03:24 PM   #3
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Besides, who wants cheap Chinese crap polyester when you can get cheap Peruvian wool?



www.knitpicks.com

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Old 04-09-2014, 11:08 PM   #4
Mama Alanna
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DG, I wouldn't buy anything from Knitpicks if I were you. They had a massive security breach in December 2012, which they knew about shortly after it happened. Instead of notifying their customer base immediately, they waited until FEBRUARY 2013, by which time a goodly proportion of their customers had already noticed fraudulent activity on their credit cards.

My poor sister got caught in the aftermath. She was out-of-state, at the bedside of her dying son, and her bank called her home. They left a cheerful message on the answering machine. "Guess what? We're cancelling BOTH of your credit cards and sending you new ones!" Even though only one card was involved. Because obviously a card being used in two states at once is being used fraudulently, right? I think Sis said that the friend who had accompanied her for moral support had an unaffected card, so she wasn't totally without a way to pay for her meals and hotel.

Now, obviously Knitpicks didn't cause the breach, or the bad timing in Sister's case, but they do have enormous culpability in this instance. They should have notified people immediately and not waited six weeks. Were I a knitter, I'd take my yarn shopping somewhere that behaves in a responsible manner.
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Old 04-10-2014, 10:12 AM   #5
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Spin your own. Natural fibers are much nicer.

Did anyone know that Monsanto was in the synthetic yarn business? I haven't kept up with it, but several years ago Monsanto was producing synthetic yarns for hand knitters. I remember an article about their yarns in one of my old knitting magazines.
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Old 04-10-2014, 07:58 PM   #6
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Wow, I didn't know anything about that, MA. Thanks for the post.

Well, there's always WEBS. http://www.yarn.com/



---------- Post added at 07:58 PM ---------- Previous post was at 07:56 PM ----------

Quote:
Originally Posted by freelove View Post
Spin your own. Natural fibers are much nicer.
I can't spin for my life -- I just don't have the patience for it. But I can still buy natural fiber yarns.
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