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, Reuters reported yesterday. 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 government crippled by spending cuts. "It was now or never," said Maria Pardo, a Madrid city council official who announced, together with the regional government and the Ministry of Culture, an increase in annual subsidies to 1.5 million euros ($1.7 million) next year from 900,000 euros this year. Prior to 2015, the factory barely received any public money.
