Chemtura continues business
Canadian PlasticsCanadian Plastics
Chemtura has gained approvals by the U.S. Bankruptcy Court for measures allowing it to continue normal business d...
Chemtura has gained approvals by the U.S. Bankruptcy Court for measures allowing it to continue normal business during restructuring while under Chapter 11 protection.
“The court’s approval is a positive step forward in resolving our financial challenges, solidifying the basis of confidence of our suppliers and customers and enabling our operations to continue without interruption,” said Craig Rogerson, Chemtura’s chairman, president and CEO.
The agreement gives Chemtura interim access to US$190 million of its US$400 million debtor-in-possession financing, which – along with cash from the company’s ongoing operations – will provide Chemtura with financial flexibility to operate its business, Rogerson continued.
Chemtura and 26 U.S. affiliates filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court on March 18. The company’s non-U.S. subsidiaries are not included in the filing.