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DyStar To Continue Production As Bankruptcy Moves Forward

At a recent staff meeting, Miguel Grosser, attorney, Jaffé Rechtsanwälte Insolvenzverwalter, and court-appointed preliminary insolvency administrator, informed employees of Germany-based DyStar Textilfarben GmbH -- the DyStar group company responsible for the purchasing, administration and global distribution of products -- that operations will continue once bankruptcy proceedings begin next week.

"We are in a position to continue the activities of DyStar Textilfarben GmbH, i.e. the global supply of dyes, additives and services for the textile and leather processing industries, for the time being," Grosser said. "This allows us to keep on the around 70 permanent employees of DyStar Textilfarben GmbH in Frankfurt. Maintaining the production and sales activities of our still solvent foreign subsidiaries also means that over 2,000 employees there will for now keep their jobs."

Grosser stressed that even though access to the insolvency fund for paying employee wages ended in November and the company will have to generate funds to fulfill its payroll obligations, the company is liquid enough at the moment to pay its staff on time. 

"We are still in negotiations both to find a general solution for the German DyStar operations that filed for insolvency on 28 September 2009 and to work out individual solutions," Grosser said. "We want to be clear as early as we can about which continuation concepts, if any, are feasible."

Back in October, DyStar had announced it was actively searching for investors (See " DyStar Resumes Deliveries To Customers, In Talks With Potential Investors," Oct. 20, 2009).

December 1, 2009

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