15 October 2009, Frankfurt Am Main - DyStar, the
Frankfurt-based chemical company and global supplier of dyes, additives and
services for the textile and leather processing industries, can continue
supplying its customers whilst it seeks new investors. “We have made great
progress in our talks with banks and secured creditors. This allows us for the
time being to continue our operations at DyStar Textilfarben GmbH and resume
delivery of our products,” confirmed the preliminary insolvency administrator
appointed by the Frankfurt District Court Miguel Grosser from the law firm
Jaffé Rechtsanwälte Insolvenzverwalter. Deliveries to customers resumed on
Monday, 12 October.
The preliminary insolvency administrator of DyStar
Textilfarben GmbH & Co. Deutschland KG Dr. Stephan Laubereau confirmed,
that the production at the Bavarian facility in Geretsried has been started
again. “We are happy to reboost the production at our first location“, said
Laubereau. “We hope to find a good solution for the other facilities too.“
Positive news also for the 73 permanent staff of DyStar
Textilfarben GmbH, the unit of the DyStar group responsible for the purchasing,
administration and global distribution of the products. “The pre-financing of
insolvency payments due to them has been agreed. Initial payments to employees
for September have already been made,“ said Grosser.
Dr. Stephan Laubereau confirmed the pre-financing of
insolvency payments for the employees of the DyStar Textilfarben GmbH & Co.
Deutschland KG too. “We are setting up a control point with the agency for
labour to look for a good solution for extraordinarily affected employees“,
explained Laubereau.
In a further step, the search resumed for investors in the
German DyStar companies insolvent since 28 September 2009. “We have already
conducted initial talks with potential investors; further talks are due to be
held over the next few days. It is still too early, though, to assess the
situation,“ Grosser stressed. “Negotiations are at an early stage“, added
Laubereau.
DyStar Textilfarben GmbH, its sister company DyStar
Textilfarben GmbH & Co. Deutschland KG, which combines the four German
production facilities in Leverkusen, Brunsbüttel, Geretsried and Ludwigshafen,
and the non-operative DyStar Holdings GmbH were forced to file for insolvency
on 28 September 2009.
