Time appears to be running out for employees at the Germany based specialty chemicals group, DyStar according to a press statement released by the administrator. No buyer has come forward to buy the company which went into administration at the end of September. DyStar includes a leather chemicals unit which was formerly known as Dr Boehme located in Geretsried.
The preliminary insolvency administrator for DyStar Textilfarben GmbH & Co. Deutschland KG on November 24, set up a works meeting to inform DyStar employees with the current state of the investor process at the following locations: Frankfurt am Main, Leverkusen, Ludwigshafen, Geretsried and Brunsbüttel. ‘There is no definite investor commitment at the moment’, explained the preliminary administrator Dr Stephan Laubereau. ‘However, the search for a suitable investor continues. Investors can buy individual solutions or the comprehensive package.’
Employees will be released from work next week, if no investor comes forward by December 1, 2009. ‘This step is necessary because the insolvency administration has to bear all staff wages and salaries from December 1. That is not an option due to the cash position.’
Nevertheless the release is revocable if an investor can be found. In addition the insolvency administrator explained that he is checking the possibility of an interim employment society.
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