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DyStar Files For Bankruptcy

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 -- have filed an insolvency petition with the Local Court Frankfurt am Main for the company's Germany-based business operations. DyStar resolved to file for insolvency after failed attempts to address liquidity pressures. Included in the filing are the company's sites in Frankfurt, Leverkusen, Brunsbüttel, Geretsried and Ludwigshafen, which together employ approximately 1,300 people.

The court has named Dr. Stephan Laubereau of Pluta Rechtsanwalts GmbH preliminary insolvency administrator over DyStar Textilfarben GmbH & Co. Deutschland KG; and Miguel Grosser of Jaffé Rechtsanwälte Insolvenzverwalter preliminary insolvency administrator over DyStar Textilfarben GmbH. The preliminary administrators will convene with DyStar management to evaluate the situation.

September 29, 2009