After filing for bankruptcy last month
(“See
Dystar
Files For Bankruptcy,” www.
TextileWorld.com, Sept. 29, 2009), Germany-based DyStar Textilfarben GmbH,
DyStar Textilfarben GmbH & Co. Deutschland KG and DyStar Holdings GmbH — global providers of
dyes, auxiliaries and services for the textile and leather processing industries — report that
talks with banks and secured creditors are moving forward, and the companies have been granted
permission to continue supplying their customers. DyStar Textilfarben GmbH & Co. Deutschland KG
also has restarted production at one of its manufacturing facilities — a plant in Geretsried.
“We are happy to reboot the production at our first location,” said Dr. Stephan Laubereau,
the preliminary insolvency administrator of DyStar Textilfarben GmbH & Co. Deutschland KG. “We
hope to find a good solution for the other facilities too.”
Prefinancing of insolvency payments owed to DyStar Textilfarben GmbH’s 73 employees as well
as staff at DyStar Textilfarben GmbH & Co. Deutschland KG has been negotiated. Employees have
received initial payments for the month of September. “We are setting up a control point with
the agency for labour to look for a good solution for extraordinarily affected employees,”
Laubereau said.
DyStar also reports it has restarted the search for investors. “We have already conducted
initial talks with potential investors; further talks are due to be held over the next few days,”
said Miguel Grosser, Miguel Grosser, attorney, Jaffé Rechsanwälte Insolvenzverwalter, and
court-appointed preliminary insolvency administrator. “It is still too early, though, to assess the
situation.”
“Negotations are at an early stage,” Laubereau added.
October 21, 2009