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DyStar Resumes Deliveries To Customers, In Talks With Potential Investors

After filing for bankruptcy last month (" See 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

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