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DyStar Finds Buyer

After an active search for buyers produced three potential investors, (See " DyStar To Continue Production As Bankruptcy Moves Forward," Dec. 1, 2009), Germany-based DyStar Textilfarben GmbH has negotiated and signed a purchase agreement for the company and three of its manufacturing facilities with India-based Kiri Dyes & Chemicals Ltd. (KDCL), a manufacturer of reactive dyes, and supplier of reactive, acid and direct dyes as well as dyeing intermediates. KDCL will assume operations at the DyStar Group in Frankfurt, its production sites in Leverkusen, Ludwigshafen and Brünsbuttel, and 36 international subsidiaries.

The manufacturing facility in Geretsried is not included in the purchase agreement. "We will continue working on a solution for the Geretsried site, but we are still looking for potential investors here," said Stephan Laubereau, attorney, Pluta Rechtsanwalts GmbH, and court-appointed insolvency administrator, DyStar Textilfarben GmbH & Co. Deutschland KG.

The deal is awaiting regulatory approvals, but both parties hope the process will move quickly so that KDCL can assume control of the DyStar assets in January, allowing production to continue seamlessly at Ludwigshafen, and resume at Leverkusen and Brünsbuttel.

It is hoped some 800 Germany-based jobs and another 2,000 international positions will be saved after the takeover.

"With the help of KDCL we are in a position to offer staff at the sites in Frankfurt/Main, Leverkusen, Ludwigshafen and Brunsbüttel a transfer company for employment and qualification," said Laubereau, together with Miguel Grosser, attorney, Jaffé Rechtsanwälte Insolvenzverwalter, and court-appointed preliminary insolvency administrator, DyStar Textilfarben GmbH. "If the deal with KDCL is completed as planned, the latter will likely be able to reemploy the majority of those released from work as early as mid-January. The exact details of the deal are still being negotiated."

December 15, 2009

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