Biaxially oriented film line supplier DMT Technology GmbH has entered bankruptcy proceedings, according to reports from Austria that quote DMT lawyers saying its credit dried up because of the financial crisis.
Austrian credit reporting agency Kreditschutzverband von 1870 said DMT has “a solid core, so there is justified hope for the future,” adding that creditors are prepared to help the firm survive.
DMT's Web site says the company was exhibiting at Interplastica from Jan. 26-29 in Moscow when the news reports came out.
DMT makes stretching equipment that biaxially orients film at its headquarters plant in Salzburg, for sale around the world. Last year DMT won the Austrian Export Award. It claims a 40 percent global market share.
The Austrian Times and ORF Austrian Radio & TV reported Jan. 29 that DMT has debt of about 19 million euros ($26 million). The Austrian Times said DMT lawyers said the company had to turn down orders worth 50 million euros ($70 million) when its bank cut off credit in April 2009.
Copyright 2010 Crain Communications Inc. All Rights Reserved.