DyStar Resumes Deliveries To Customers, In Talks With Potential Investors
After filing for bankruptcy last month
Dystar Files For Bankruptcy," 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 20, 2009