Chemtura emerges from US bankruptcy protection

10 November 2010 17:39  [Source: ICIS news]

Chemtura emerges from bankruptcyHOUSTON (ICIS)--Chemtura completed its financial restructuring and emerged from US Chapter 11 bankruptcy protection after nearly 20 months, the US specialty chemicals producer said on Wednesday.

The announcement came almost a week after a US court issued an order confirming the company’s reorganisation plan, paving the way to its exit from bankruptcy.

“Today marks a new beginning for our company, and our employees, customers and suppliers,” said Chemtura CEO Craig Rogerson.

“With the successful completion of our financial restructuring, we have significantly reduced our debt, improved our cost structure and resolved a considerable amount of environmental and other liabilities,” he added.

Chemtura said it expected to be listed on the New York Stock Exchange on 11 November and trade under the ticket “CHMT”. While under bankruptcy protection, Chemtura's stock traded over the counter.

Looking forward, the company said it remained focussed on growing a “global portfolio of leading specialty chemical businesses”.

Chemtura filed for bankruptcy protection in March 2009 after it failed to sell two companies.

Chemtura, which describes itself as a global manufacturer and marketer of specialty chemicals, agrochemicals and pool, spa and home care products, had $2.3bn (€1.7bn) in 2009 sales.

($1 = €0.72)

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By: Ben DuBose
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