Huntsman (HUN) Achieves Major Victory in Legal Effort to Consummate Merger with Hexion

October 14, 2008 7:43 AM EDT

Huntsman Corporation (NYSE: HUN) announced that it has achieved another major victory in its ongoing legal effort to consummate the pending merger with Hexion Specialty Chemicals, Inc.

Huntsman previously announced that it had sued affiliates of Credit Suisse and Deutsche Bank, lenders who had signed an agreement committing them to finance the merger of Huntsman and Hexion Specialty Chemicals, Inc. On September 30th, District Judge Fred Edwards of the Montgomery County Texas District Court awarded a Temporary Restraining Order in favor of Huntsman.

In a subsequent hearing begun last Wednesday and completed earlier today, in which counsel for the Banks contested Huntsman's right to injunctive relief against the Banks, Judge Edwards again determined that it was appropriate for him to enjoin the Banks, specifically from filing any lawsuit seeking to declare that the combined Hexion/Huntsman entity would be insolvent, or that the combined entity would not be able to pay its debts when due.

Accordingly, Judge Edwards granted Huntsman's request that the TRO, which had been set to expire on October 8, 2008, be replaced with a temporary injunction that will not expire prior to November 1, 2008, unless the merger is closed before such date.

Huntsman Corporation, through its subsidiaries, engages in the manufacture and marketing of differentiated chemical and inorganic chemical products.

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