GREAT NEWS!!!....Thats the kinda NEWS!! that got CEMJQ!! MOVING!!Chemtura Corporation Receives Final Approval of $400 Million Debtor-in-Possession Financing
Last update: 4/29/2009 2:37:00 PM
Financing Facility Provides Additional Liquidity to Foreign Non-Debtor Subsidiaries and Affiliates
MIDDLEBURY, Conn., Apr 29, 2009 (BUSINESS WIRE) -- Chemtura Corporation (OTC Pink Sheets: CEMJQ) today announced that the United States Bankruptcy Court for the Southern District of New York (the "Court"), granted final approval of its $400 million debtor-in-possession (DIP) credit facility. The facility is arranged by Citibank, N.A., as administrative agent. The Company previously received interim approval from the Court to access $190 million under the DIP financing facility on March 20, 2009.
The DIP financing, combined with cash from the Company's ongoing operations, will continue to provide Chemtura with financial flexibility to operate its business in the ordinary course. This financing will allow the Company to continue funding employee wages and benefits, payments to suppliers and other customary business obligations as Chemtura proceeds with its financial restructuring. Additionally, in connection with the final approval of the DIP facility, Chemtura obtained approval of an amendment to that facility, which significantly increases Chemtura's ability to provide additional liquidity to its foreign non-debtor subsidiaries and affiliates if and when it is needed.
"We are pleased to have received final Court approval of our DIP credit facility and the important amendment to the facility," said Craig A. Rogerson, Chemtura's Chairman, President and Chief Executive Officer. "We believe that the final DIP approval provides the Company with the financial flexibility necessary to continue running our operations as normal through the remainder of the restructuring process. I would like to thank all our DIP lenders, led by Citibank, and the members of the Unsecured Creditors' Committee for their focus on the needs of Chemtura and their continued support throughout this process. Importantly, I believe the Court's final approval of our DIP facility, which gives Chemtura full access to those funds, will reinforce the confidence that our customers and suppliers have shown in our company in recent weeks, helping us to maintain and build on these important relationships."
Mr. Rogerson concluded, "I would like to thank all of our employees for their hard work and support, and our suppliers and customers for their loyalty during this process. We look forward to emerging from our restructuring as a strong, viable, and profitable competitor in the specialty chemicals marketplace."
As previously announced, Chemtura and its U.S. subsidiaries filed voluntary Chapter 11 petitions on March 18, 2009. None of Chemtura's non-U.S. subsidiaries was included in the filings. Chemtura has established a Restructuring Information Hotline for employees, suppliers, customers, investors and other interested parties, at 866-967-0261 or 310-751-2661. More information is also available on Chemtura's Web site, , where the Company has set up a special restructuring section. For access to Court documents and other general information about the Chapter 11 cases, please visit .
Chemtura Corporation (OTC Pink Sheets: CEMJQ), with 2008 sales of $3.5 billion, is a global manufacturer and marketer of specialty chemicals, crop protection products, and pool, spa and home care products. Learn more about us on our Web site at .
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