US’ Chemtura secures new $450m DIP facility, seeks court approval

05 February 2010 07:06  [Source: ICIS news]

SINGAPORE (ICIS news)--Financially troubled Chemtura Corp said on Friday it has secured new financing from creditors worth $450m (€328.5m) under a debtor-in-possession (DIP) facility.

The new amount was $50m higher than what was initially provided for the day-to-day operations of Chemtura while under bankruptcy protection.

The increase in the amount DIP facility is still pending approval of the US bankruptcy court, it said.

Citibank, together with Bank of America, Barclays Bank and Wells Fargo Foothill and other lenders are parties to the new DIP facility, the company said.

Chemtura’s US operations filed for bankruptcy protection in March 2009.

($1 = €0.73)

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By: Nurluqman Suratman

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