Court approves $400m bankruptcy financing for US Chemtura

29 April 2009 20:57  [Source: ICIS news]

HOUSTON (ICIS news)--The US bankruptcy court approved a $400m (€304m) financing package for Chemtura, the specialty chemicals producer said on Tuesday.

So-called debtor-in-possession (DIP) financing allows a company to fund its day-to-day operations while it reorganises under bankruptcy protection.

Chemtura and its US operations filed for bankruptcy protection on 18 March. The filing included none of Chemtura's foreign subsidiaries.

($1 = €0.76)

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By: Al Greenwood
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