Exhibit 4.7

AMENDMENT NO. 1 TO SHAREHOLDERS AGREEMENT

This AMENDMENT NO. 1 TO SHAREHOLDERS AGREEMENT (this"Amendment"), dated as of December 20, 2004, is
made by and between Polymer Group, Inc., a Delaware corporation (the"Company"), and MatlinPatterson Global Opportunities Partners L.P., a
Delaware limited partnership ("GOF").

The
Company, GOF and certain other shareholders of the Company have entered into the Shareholders Agreement, dated as of March 5, 2003 (the"Shareholders
Agreement"). Except as otherwise indicated herein, capitalized terms used in this Amendment have the same meaning ascribed to such terms in the Shareholders Agreement.

This
Amendment has been approved by the Company's Board of Directors, which approval includes the affirmative vote of at least one Non-GOF Board Member (such approvals, the "Requisite Board Approvals").

Pursuant
to Section 6.8 of the Shareholders Agreement, the Company and GOF, after obtaining the Requisite Board Approvals, desire to amend the Shareholders Agreement as provided
in this Amendment.

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.Amendments.



2.Counterparts.This Amendment may be executed in multiple counterparts (including by means of telecopied
signature pages), any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same instrument.

3.Governing Law.All matters relating to the interpretation, construction, validity and enforcement of this
Amendment shall be governed by and construed in accordance with the domestic laws of the State of New York without giving effect to any choice or conflict of law provision or rule (whether of the
State of New York or any other jurisdiction) that would cause the application of laws of any jurisdiction other than the State of New York.

4.Consent.The undersigned parties hereby consent to this Amendment pursuant to Section 6.8of the Shareholders
Agreement and as such consent may otherwise be required.

5.Limited Amendment.This Amendment is limited by its terms and does not and shall not serve to amend or waive
any provision of the Shareholders Agreement except as expressly provided for in this Amendment.

*
* * * *

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IN
WITNESS WHEREOF, the parties have executed this Amendment No. 1 to Shareholders Agreement as of the date first above written.

| | COMPANY:                                          
| | --------------------------------------------------
| | POLYMER GROUP, INC.                               
| | By:                                               
| | Name:                                             
| | Its:                                              
| | GOF:                                              
| | MATLINPATTERSON GLOBAL OPPORTUNITIES PARTNERS L.P.
| | By:                                               
| | Its:                                              
| | By:                                               
| | Name:                                             
| | Its:                                              

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