Dystar GmbH confirms insolvency
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FRANKFURT - [29.09.09] Dystar GmbH has confirmed that it has entered insolvency proceedings with the Local Court Frankfurt am Main for Dystar Textilfarben GmbH & Co. Deutschland KG as well as DyStar Holdings GmbH.

DyStar’s insolvency filing includes the company’s sites in Frankfurt, Leverkusen, Brunsbüttel, Geretsried, and Ludwigshafen, which combined employ about 1,300 people.

Insolvency proceedings do not cover the company‘s recently set up headquarters in Singapore under the Dystar Singapore Pte Ltd. This operation is likely to continue to sell Dystar products into the Asian and European markets. We‘ll await further clarification.

Following DyStar’s petition filing, the Local Court in Frankfurt am Main has now 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 Textilfarben GmbH & Co. Deutschland KG and DyStar Textilfarben GmbH in Frankfurt am Main/Höchst to analyse the actual situation.

The insolvency filing became necessary after the companies exhausted alternative solutions to address their liquidity pressures.

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