KARACHI, Jan 10: Unable to withstand the pressures of the current economic crisis, textile tycoons in extraordinary general meetings in Karachi and Lahore on Friday decided to go for a “planned closure of textile units” by curtailing production and resorting to workers’ lay-offs.

Decisions of the meeting were faxed and e-mailed to newspaper offices, which advised textile mills to stop payment of loans to the banks as “these loans are no more serviceable.” The All Pakistan Textile Mills Association (Aptma) considers the bank interest rates “highest and not workable” while seeking a relief.

Aptma deems Credit Information Bureau (CIB) reporting period 90 days insufficient and want this period to be enhanced to 300 days. The textile owners in North want a waiver on Wapda MDI in December 2008 and January 2009 bills as it failed to provide uninterrupted power supply. They also demanded a 90-day stay on payment of gas bills as the gas company failed to maintain a steady supply.

Aptma Chairman Tariq Mehmood has been authorised by the members to negotiate with the government and if “he fails to get a positive response should announce closure of all mills”.

Aptma plans to bring its members on roads and streets to agitate on these issues. No date has been announced for closure of mills or any protest rally.