Bidders eye assets of bankrupt US firm Chemtura

10 November 2009 23:04  [Source: ICIS news]

Bidders eye Chemtura assetsNEW YORK (ICIS news)--Potential buyers of Chemtura’s assets have retained attorneys to help them prepare bids, according to a court document filed on Tuesday.

New York City-based law firm Morgan, Lewis and Bockius disclosed that it is representing two potential buyers of certain of Chemtura’s assets, in a letter to the US bankruptcy court of the southern district of New York.

The attorneys will provide services, including “preparing and submitting initial bid proposals”, according to the letter.

The potential buyers and targeted assets were not identified.

Morgan, Lewis and Bockius also represents Chemtura in other legal matters.

Chemtura filed for Chapter 11 bankruptcy protection on 18 March and aims to emerge from the process in March 2010.

Earlier, a partner of the law firm Alston and Bird sent a letter to the court saying it had earlier been retained by Chemtura to provide it with advice regarding environmental regulations.

The letter also indicated that Alston and Bird had been retained by “a potential purchaser of certain assets of [Chemtura]”.

However, the letter said the attorneys’ hiring by the potential buyer “does not relate to the matters for which the firm has been retained by [Chemtura]”.

Chemtura said it would remain open to any offers.

“We are always open to companies making an offer for our businesses, but we are not actively marketing them,” said Lloyd Moon, Chemtura vice president of government affairs and communications.

Chemtura’s businesses include crop protection products, petroleum additives, lubricants, consumer cleaning products, pool chemicals, urethanes and plastic additives.

In the third quarter, the company posted sales of $681m, down 26% year over year.

($1 = €0.67)

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