US Chemtura aims to come out of Chapter 11 by mid-2010

17 December 2009 14:26  [Source: ICIS news]

TORONTO (ICIS news)--Chemtura is making significant progress in reorganising its business and aims to come out of US bankruptcy protection by mid-2010, the US-based international specialty chemicals producer said on Thursday.

The company filed for US Chapter 11 bankruptcy protection on 18 March. However, its operations outside the US are not affected.

Initiatives to increase Chemtura’s efficiency included investments in research and development, enterprise resource planning, as well as the outsourcing of certain operations to logistics providers, the company said.

Also important for Chemtura were its investments in joint ventures in Saudi Arabia, including an expansion of an antioxidant plant and plans for a new world-scale metal alkyls facility, it said.

Financially, Chemtura had managed to generate positive cash flow over the last four quarters and was accumulating substantial cash balances, it said.

“Chemtura continues to work collaboratively with its official committee of unsecured creditors in developing a plan of reorganisation that is expected to include agreement on a substantial debt-to-equity conversion,” it said.

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By: Stefan Baumgarten
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