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29th September 2009, Frankfurt

DyStar files for insolvency of German operations

DyStar Textilfarben GmbH, DyStar Textilfarben GmbH & Co. Deutschland KG as well as DyStar Holdings GmbH, global providers of dyes, auxiliaries and services for the textile and leather processing industry, announced that they have filed an insolvency petition yesterday with the Local Court 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 Local Court in Frankfurt am Main 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 insolvency filing became necessary after the companies exhausted alternative solutions to address their liquidity pressures.

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