08 October 2009 16:02 [Source: ICIS news]
TORONTO (ICIS news)--Insolvent textile chemicals producer DyStar is working to restart operations at two sites in Germany, one the company’s insolvency administrators said on Thursday.
However, DyStar had resumed deliveries from inventories at sites in ?xml:namespace>
In a next step, DyStar would move to secure financing to pay energy suppliers, enabling it to resume production at the two sites.
Workers were being paid in the form of “insolvency money” from employment offices, Laubereau added.
Meanwhile, the administrators and DyStar’s management were continuing to look for investors to buy the company, he said.
Laubereau did not comment on the status at DyStar’s three remaining sites in Frankfurt,
DyStar employs a staff of about 1,300 at the five sites.
It was formed in 1995 out of the textile dyes businesses of Bayer and former German chemicals major Hoechst. In 2000, BASF integrated its dyes business into DyStar. US investment firm Platinum Equity bought it in 2004.
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