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Court sells off assets of loss making Trevira GmbH
01 Oct '09
1 min read
A German Court has sold off the assets of Trevira GmbH, the loss making subsidiary of the India based Reliance Industries Ltd. Trevira is a leading producer of high-end specialised polyester yarn and fibre.
The company has been bought by two German investors who were previously employees of Trevira, prior to Reliance taking over control in 2004. The amount so received will be paid off to debtors, with balance of the funds going to Reliance Industries.
In August, Trevira had filed an application for insolvency with the Augsburg Court in the German State of Bavaria, after its business ran into trouble due to the industrial slowdown in Europe, particularly in the automotive and textile sectors.
All production sites including those in Poland together with the sales office will be transferred to the new owners in November. Also included in the transfer will be all registered designs and patents of the Trevira Group.
The company has been bought by two German investors who were previously employees of Trevira, prior to Reliance taking over control in 2004. The amount so received will be paid off to debtors, with balance of the funds going to Reliance Industries.
In August, Trevira had filed an application for insolvency with the Augsburg Court in the German State of Bavaria, after its business ran into trouble due to the industrial slowdown in Europe, particularly in the automotive and textile sectors.
All production sites including those in Poland together with the sales office will be transferred to the new owners in November. Also included in the transfer will be all registered designs and patents of the Trevira Group.
Fibre2fashion News Desk - India
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