Chemtura Corporation's (CEM) U.S. Operations File Voluntary Chapter 11
Chemtura Corporation (NYSE: CEM) announced that it and 26 of its U.S. affiliates (together, the "Company") have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the "Court").
Chemtura's non-U.S. subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code. Chemtura's U.S. and worldwide operations are expected to continue without interruption during the restructuring process.
Today Chemtura announced that, in conjunction with the filing, it has received a commitment for up to $400 million in debtor-in-possession (DIP) financing from Citibank, N.A., as administrative agent. Upon Court approval, the DIP financing, combined with cash from the Company's ongoing operations, will be used to support the business during the Chapter 11 process. In addition, the Company anticipates that it will continue to meet its obligations going forward to its employees, customers and suppliers.
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