DyStar files for insolvency - leatherbiz: Leading news site for the gl Leatherbiz

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DyStar files for insolvency

29/09/2009

DyStar Textilfarben GmbH, DyStar Textilfarben GmbH & Co. Deutschland KG as well as DyStar Holdings GmbH—global providers
of dyes, auxiliaries and services for the leather and textile processing industries—has announced that it has filed an insolvency petition with the local court in Frankfurt am Main for the company’s business operations located in Germany.

DyStar’s insolvency filing includes the company’s sites in Frankfurt, Leverkusen, Brunsbüttel, Geretsried, and Ludwigshafen, which combined employ about 1,300 people.

Following DyStar’s petition filing, the court appointed Dr Stephan Laubereau of Pluta Rechtsanwalts GmbH as preliminary insolvency administrator over the estate of DyStar Textilfarben GmbH & Co. Deutschland KG and Miguel Grosser of JAFFÉ Rechtsanwälte Insolvenzverwalter as preliminary insolvency administrator over the estate of DyStar Textilfarben GmbH. The preliminary administrators are meeting with DyStar management at the registered offices of DyStar Textilfarben GmbH & Co. Deutschland KG and DyStar Textilfarben GmbH in Frankfurt am Main/Höchst to analyse the actual situation.

The company said the insolvency filing became necessary after it exhausted alternative solutions to address its liquidity pressures.




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