Germany’s Trevira re-hires former CEO, looks for buyer

17 June 2009 15:05  [Source: ICIS news]

TORONTO (ICIS news)--The administrator of insolvent Germany-based polyester firm Trevira has hired its former CEO to help steer the company and find a buyer, he said on Wednesday.

Werner Schneider, who was appointed administrator by a court in Augsburg following Trevira’s insolvency filing earlier this month, said he had re-hired Uwe Wohner.

Wohner left the company in early May. Shortly afterwards, Trevira parent Reliance Industries appointed Elke Bauerle, a lawyer and insolvency expert, as managing director.

Trevira, which employs a staff of about 1,800 in Europe and has five production sites in four European countries – Germany, Denmark, Belgium and Poland - would continue operating as normal while looking for a buyer, Schneider said.

Sales were currently running at €1m ($1.4 m)/day, he said, adding that customers and banks kept supporting the company.

“First signals” in finding investors or buyers had been positive. Talks with interested parties were due to get underway this week, Schneider said.

He also said that, contrary to earlier statements, India’s Reliance would not remit €55m to Trevira to pay back bank debts. These debts were direct obligations by Reliance toward two banks, Schneider said.

Reliance bought Trevira from Deutsche Bank in 2004. The company was previously part of Hoechst, the former German chemicals and pharmaceuticals major that later merged with French Rhone-Poulenc to form Aventis.

($1 = €0.72)

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By: Stefan Baumgarten
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