RIL’S GERMAN ARM FILES FOR BANKRUPTCY

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RELIANCE Industries Ltd, the nation's largest private firm, said that its Germany arm Trevira has filed for bankruptcy after it was hit by slowdown in Europe.

“Trevira filed an application with the Augsburg Court in State of Bavaria, Germany, for the commencement of insolvency proceedings with a restructuring plan,” RIL said in a press statement here. The company faced severe demand contraction in its principal market segments due to the global financial crisis.

Trevira manufactures highvalue branded polyester fibers and filament yarns for the automotive industries, home textiles as well as for technical applications.

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