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10 Dec 2009: Investor for DyStar found
- Indian Company Kiri Dyes & Chemicals Ltd. plans to take over four German sites and 36 international subsidiaries
- Up to 800 jobs in Germany and some 2,000 worldwide may be saved
- Creditor committees agree to purchase agreement – implementation due in January 2010
FRANKFURT AM MAIN, 10 December 2009 – Operations at DyStar Textilfarben GmbH and
the production at three German sites are set to continue after the company found an investor in
BSE-listed Indian manufacturer and supplier Kiri Dyes & Chemicals Ltd. (KDCL). “We have
found an investor willing to buy the operations and the sites in Frankfurt/Main, Leverkusen,
Ludwigshafen and Brunsbüttel. This means that up to 800 jobs in Germany and some 2,000
worldwide may be saved,“ insolvency administrator Miguel Grosser from the law firm JAFFÉ
Rechtsanwälte Insolvenzverwalter and Dr. Stephan Laubereau from PLUTA Rechtsanwalts
GmbH announced today.
Under the purchase agreement signed recently, KDCL will take over the operations of the
DyStar Group and its German sites in Frankfurt/Main, Leverkusen, Ludwigshafen and
Brunsbüttel, along with 36 international subsidiaries. The Geretsried site is not included in the
deal. “The concept presented by KDCL may make it possible to preserve the DyStar Group as a
going concern,“ Grosser and Laubereau stressed.
The creditor committees have already agreed to the deal, which is still subject to the availability
of financing, the necessary approvals by the Federal Cartel Office, and other conditions
(consent of the banking consortium). KDCL has undertaken to secure the financing of the
takeover of operations of the DyStar Group from the New Year. If all requirements are met as
planned, the purchase agreement may be executed by January 2010.
This would set the stage for resuming productions at the Brunsbüttel and Leverkusen sites. The
indigo production in Ludwigshafen will carry on without interruptions. “We will continue working
on a solution for the Geretsried site, but we are still looking for potential investors here,“ Grosser
and Laubereau said.
After opening insolvency proceedings on 1 December, DyStar Textilfarben GmbH continued full
operations, the global supply of dyes, additives and services for the textile and leather
processing industries, under the responsibility of insolvency administrator Miguel Grosser.
“With the help of KDCL we are in a position to offer staff at the sites in Frankfurt/Main,
Leverkusen, Ludwigshafen and Brunsbüttel a transfer company for employment and
qualification. If the deal with KDCL is completed as planned, the latter will likely be able to reemploy
the majority of those released from work as early as mid-January, “ Dr. Stephan
Laubereau confirmed. “The exact details of the deal are still being negotiated. “
After an intensive worldwide search for investors, three potential buyers remained in the final
stages of negotiations. In the end, the concept of Ahmedabad-based Kiri Dyes & Chemicals Ltd.
proved to be the most profitable. “Our negotiations over the last few days progressed quite
quickly. This was due solely to excellent preparation and the professional attitude of all
involved,” Grosser and Laubereau affirmed.
Further information:
Founded in Ahmedabad in 1998, Kiri Dyes & Chemicals Ltd. has established a cost effective
and highly integrated dyes manufacturing base in India". Kiri Dyes & Chemicals Ltd. is a BSElisted
company with market capitalisation of EUR 130m. The acquisition of the DyStar Group will
provide KDCL access to new markets and customer groups.
JAFFÉ Rechtsanwälte Insolvenzverwalter is a law firm specialising in highly complex
insolvency cases with corporate structures of national relevance and is often appointed by the
insolvency court in cases with much at stake. Currently employing 22 lawyers at seven
locations, it is now one of the leading law firms dealing with insolvency proceedings in Germany.
Lawyer and insolvency specialist Miguel Grosser heads the Frankfurt-based office of JAFFÉ
Rechtsanwälte Insolvenzverwalter.
With well over 240 new company insolvencies in 2008 and 30 appointed insolvency
administrators in 24 offices throughout Germany, Italy and Spain, PLUTA Rechtsanwalts
GmbH is one of the leading German companies specialising in insolvency administration. Dr.
Stephan Laubereau is responsible for the offices in Frankfurt and Koblenz.
Insolvency administrator of DyStar Textilfarben GmbH
Miguel Grosser
Lawyer
Specialist in Labour Law
Specialist in Insolvency Law
Jaffé Rechtsanwälte Insolvenzverwalter
Westhafenplatz 6
60327 Frankfurt am Main
Germany
Media contact
Sebastian Brunner
Unternehmenskommunikation
Telephone: 0175/5604673
E-mail: fsbrunner@aol.com
Insolvency administrator of DyStarTextilfarben GmbH & Co. Deutschland KG
Dr. Stephan Laubereau
Lawyer
Specialist in Insolvency Law
Pluta Rechtsanwalts GmbH
Trakehner Strasse 7-9/ Entrance A
60487 Frankfurt am Main
Germany
Media contact
Gabriele Wunnenberg
Telephone: 0176-20410363
E-mail: gabriele.wunnenberg@gmx.net
the production at three German sites are set to continue after the company found an investor in
BSE-listed Indian manufacturer and supplier Kiri Dyes & Chemicals Ltd. (KDCL). “We have
found an investor willing to buy the operations and the sites in Frankfurt/Main, Leverkusen,
Ludwigshafen and Brunsbüttel. This means that up to 800 jobs in Germany and some 2,000
worldwide may be saved,“ insolvency administrator Miguel Grosser from the law firm JAFFÉ
Rechtsanwälte Insolvenzverwalter and Dr. Stephan Laubereau from PLUTA Rechtsanwalts
GmbH announced today.
Under the purchase agreement signed recently, KDCL will take over the operations of the
DyStar Group and its German sites in Frankfurt/Main, Leverkusen, Ludwigshafen and
Brunsbüttel, along with 36 international subsidiaries. The Geretsried site is not included in the
deal. “The concept presented by KDCL may make it possible to preserve the DyStar Group as a
going concern,“ Grosser and Laubereau stressed.
The creditor committees have already agreed to the deal, which is still subject to the availability
of financing, the necessary approvals by the Federal Cartel Office, and other conditions
(consent of the banking consortium). KDCL has undertaken to secure the financing of the
takeover of operations of the DyStar Group from the New Year. If all requirements are met as
planned, the purchase agreement may be executed by January 2010.
This would set the stage for resuming productions at the Brunsbüttel and Leverkusen sites. The
indigo production in Ludwigshafen will carry on without interruptions. “We will continue working
on a solution for the Geretsried site, but we are still looking for potential investors here,“ Grosser
and Laubereau said.
After opening insolvency proceedings on 1 December, DyStar Textilfarben GmbH continued full
operations, the global supply of dyes, additives and services for the textile and leather
processing industries, under the responsibility of insolvency administrator Miguel Grosser.
“With the help of KDCL we are in a position to offer staff at the sites in Frankfurt/Main,
Leverkusen, Ludwigshafen and Brunsbüttel a transfer company for employment and
qualification. If the deal with KDCL is completed as planned, the latter will likely be able to reemploy
the majority of those released from work as early as mid-January, “ Dr. Stephan
Laubereau confirmed. “The exact details of the deal are still being negotiated. “
After an intensive worldwide search for investors, three potential buyers remained in the final
stages of negotiations. In the end, the concept of Ahmedabad-based Kiri Dyes & Chemicals Ltd.
proved to be the most profitable. “Our negotiations over the last few days progressed quite
quickly. This was due solely to excellent preparation and the professional attitude of all
involved,” Grosser and Laubereau affirmed.
Further information:
Founded in Ahmedabad in 1998, Kiri Dyes & Chemicals Ltd. has established a cost effective
and highly integrated dyes manufacturing base in India". Kiri Dyes & Chemicals Ltd. is a BSElisted
company with market capitalisation of EUR 130m. The acquisition of the DyStar Group will
provide KDCL access to new markets and customer groups.
JAFFÉ Rechtsanwälte Insolvenzverwalter is a law firm specialising in highly complex
insolvency cases with corporate structures of national relevance and is often appointed by the
insolvency court in cases with much at stake. Currently employing 22 lawyers at seven
locations, it is now one of the leading law firms dealing with insolvency proceedings in Germany.
Lawyer and insolvency specialist Miguel Grosser heads the Frankfurt-based office of JAFFÉ
Rechtsanwälte Insolvenzverwalter.
With well over 240 new company insolvencies in 2008 and 30 appointed insolvency
administrators in 24 offices throughout Germany, Italy and Spain, PLUTA Rechtsanwalts
GmbH is one of the leading German companies specialising in insolvency administration. Dr.
Stephan Laubereau is responsible for the offices in Frankfurt and Koblenz.
Insolvency administrator of DyStar Textilfarben GmbH
Miguel Grosser
Lawyer
Specialist in Labour Law
Specialist in Insolvency Law
Jaffé Rechtsanwälte Insolvenzverwalter
Westhafenplatz 6
60327 Frankfurt am Main
Germany
Media contact
Sebastian Brunner
Unternehmenskommunikation
Telephone: 0175/5604673
E-mail: fsbrunner@aol.com
Insolvency administrator of DyStarTextilfarben GmbH & Co. Deutschland KG
Dr. Stephan Laubereau
Lawyer
Specialist in Insolvency Law
Pluta Rechtsanwalts GmbH
Trakehner Strasse 7-9/ Entrance A
60487 Frankfurt am Main
Germany
Media contact
Gabriele Wunnenberg
Telephone: 0176-20410363
E-mail: gabriele.wunnenberg@gmx.net
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