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15th October 2009, Frankfurt Am Main

DyStar seeks investor but continues supplying customers

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.

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