BOBINGEN, Germany - After a lengthy period of tumultuous financial troubles and potential new owners, the Trevira Group has finally secured the financing for a new business operation as well as a new CEO, Uwe Wohner.

Following the new year, the Trevira Group will be known as Trevira GmbH, providing at once a fresh name for the future while also maintaining a certain level of familiarity for customers and employees alike.

''It was extremely vital for us to secure the Trevira brand name, since we intend to focus on continuity,'' said Uwe Wohner, Treviras new CEO. ''One of my most important tasks will be to express our thanks to our business partners for their almost unshakeable confidence in us and to seek continuation of our good relationships,'' Wohner continued.

The complete financial package of Trevira is being backed by the Free State of Bavaria with several banks bolstering the company into the new year including the Bayerische Landesbank (BayernLB), the Sparkasse Augsburg and the LfA Frderbank Bayern. It is anticipated that with the new year will come additional funding from banks in Brandenburg.

''For us this is an important start signal into a better future,'' said Werner Schneider, insolvency administrator of Trevira Group. ''In particular, I express my thanks to everyone involved in the state government and the participating banks for their support of the business model. The result is that over 1400 jobs can be preserved in the long term.''

Schneider is extremely optimistic about Trevira's future as the rapid conclusion of the financial business plan clearly proves that both Bavaria and the textile industry are eager to perpetuate the companys role as a predominant textile manufacturer. ''Following successful restructuring, the company is very well placed and able to operate with complete independence in production and sales.''