Leather chemical maker DyStar files for insolvency29 September 2009
DyStar Textilfarben GmbH, DyStar Textilfarben GmbH & Co Deutschland KG as and DyStar Holdings GmbH – global providers of dyes, auxiliaries and services for the textile and leather processing industry - have all filed an insolvency petition with the local court Frankfurt am Main for the company’s business operations located in Germany.
DyStar’s insolvency filing includes the company’s sites in Frankfurt, Leverkusen, Brunsbüttel, Geretsried (the former Dr Boehme factory), and Ludwigshafen, which combined employ about 1,300 people.
Following DyStar’s petition filing, the Local Court in Frankfurt am Main appointed Dr Stephan Laubereau, of Pluta Rechtsanwalts GmbH, as preliminary insolvency administrator over the estate of DyStar Textilfarben GmbH & Co. Deutschland KG, and Miguel Grosser, of JAFFÉ Rechtsanwälte Insolvenzverwalter, as preliminary insolvency administrator over the estate of DyStar Textilfarben GmbH.
The preliminary administrators are meeting with DyStar management at the registered offices of DyStar in Frankfurt am Main/Höchst, to analyse the actual situation.
A statement said the insolvency filing became necessary after the company exhausted alternative solutions to address their liquidity pressures.