Remember when Chemtura was making a big fuss in DIP about being able to send money to their European operations? They filed a dcoument, #5, to be able to fund their European operations. They have withdrawn this document that was due to be heard today. My guess is demand has picked up where the credit restrictions are loosened due to improved cash flow so they withdrew it. This just reiterates how their business has improved in last few months.
Chemtura is now taking advantage of lower raw materials and energy costs as demand has picked up. Look at Great Lakes demand for phosegene from Vandemark. Same as last year, but I bet costs are at least 1/3 less.
That's why I am not surprised by the outperform rating. Their costs are way down, demand is picking up, and BK will allow them to burn bad contracts or renegotiate them. Very positive news here.
