Unylon shareholders pull consent for sale of polymer unit to ZAT

TORONTO (ICIS news)--Shareholders of Germany’s Unylon AG have withdrawn consent for the sale of the company’s Unylon Polymers GmbH polyamide business to Poland’s Zaklady Azotowe Tarnow (ZAT), the company said on Thursday.

ZAT in February acquired insolvent Unylon Polymers GmbH and later renamed it ATT Polymers GmbH.

Unylon said in a regulatory filing that last December's consent by an extraordinary general meeting had been disputed in the courts. The annual general meeting on Thursday had withdrawn consent, it said.

The company said it would now review how to reclaim Unylon AG’s shares in Unylon GmbH, but did not provide additional details. Company officials could not be reached for comment.

Unylon Polymer GmbH, which has a 46,000 tonne/year polyamide 6 plant at Guben in Germany's Brandenburg state, was one of a number of producers in Germany’s textiles fibres and polyester industry to file for insolvency last year.

Another deal - the sale of insolvent German fibre major Trevira – fell through in November last year. However, Trevira’s insolvency administrators have re-launched the company and were expected to look for a new buyer later this year.

Meanwhile, DyStar, a major textile and leather chemicals producers, was sold to India’s Kiri Dyes and Chemicals in February after it filed for insolvency.