RIL's German subsidiary files for insolvency Trevira, the German subsidiary of Reliance Industries (RIL), has filed for starting insolvency proceedings with a restructuring plan. The manufacturer of branded polyester fibres and filament yarns has filed an appliction with Augsburg Court in State of Bavaira, Germany, RIL informed the BSE today.
The move follows major efforts by the company to overcome the impact of industrial slowdown in Europe, particularly of the automotive and textile sectors, it said. Euroean textile makers are currently facing a considerable drop in demand for their products, while the cost of production and employment is increasing, while competition from Asian and eastern European industries is stronger, RIL said. Trevira had recently promoted its chief restructuring officer as its managing director. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
