x2 on everything xenn said. To hell with re-financing. Although it would be great if they could roll over everything and common stayed intact, you would still be burdened with most likely higher interest rates than the ones that chemtura has currently. Higher rates will have the same effect as taking on more debt, and THAT is why it is imperative that chemtura dump at least some assets to knock down that leverage.
Listen folks, i'm all about keeping businesses that make money, but sometimes you have to punt and re-group, and if it means leaving something on the table, well that's just the price you pay for relying on the notion that you can always roll over debt.
Going from 7% to 10.5% is the same as taking on 50% more debt. It's time to punt and re-group, which is insurance to commons to stay 100%.
