DyStar files for bankruptcy
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.
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