Preliminary insolvency administrator Miguel Grosser informs
staff
Employees of GmbH and foreign subsidiaries to keep job after
institution of insolvency proceedings
Negotiations with potential investors continue
25 November 2009, Frankfurt - Operations at DyStar
Textilfarben GmbH will continue even after the anticipated institution of
insolvency proceedings next week.
“We are in a position to continue the activities of DyStar
Textilfarben GmbH, i.e. the global supply of dyes, additives and services for
the textile and leather processing industries, for the time being. This allows
us to keep on the around 70 permanent employees of DyStar Textilfarben GmbH in Frankfurt.
Maintaining the production and sales activities of our still solvent foreign
subsidiaries also means that over 2,000 employees there will for now keep their
jobs,“ the preliminary insolvency administrator appointed by the Frankfurt
District Court, Miguel Grosser from the law firm Jaffé Rechtsanwälte
Insolvenzverwalter, said today at a staff meeting in Frankfurt-Höchst.
Grosser informed staff at DyStar Textilfarben GmbH of the
latest progress in the preliminary insolvency proceedings and the search for
investors. “We are still in negotiations both to find a general solution for
the German DyStar operations that filed for insolvency on 28 September 2009 and
to work out individual solutions. We want to be clear as early as we can about
which continuation concepts, if any, are feasible, “Grosser summarised.
Once the insolvency proceedings have commenced as expected
on 1 December 2009, DyStar Textilfarben GmbH will have to generate the wages
and salaries of its employees on its own again. The entitlement of employees to
payment from the insolvency fund ends after November. “We have sufficient
liquidity for the moment to continue paying the wages and salaries on time,“
Grosser emphasised.
In the DyStar group, DyStar Textilfarben GmbH is responsible
for the purchasing, administration and global distribution of products. The four German production facilities in
Leverkusen, Brunsbüttel, Geretsried and Ludwigshafen are combined in its sister
company DyStarTextilfarben GmbH & Co. Deutschland KG, which filed for
insolvency at the same time. The Frankfurt District Court appointed Dr. Stephan
Laubereau from Pluta Rechtsanwalts GmbH as the preliminary insolvency
administrator for these companies.
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