Chemtura Corp (fka CHMT)

[local]

Does not appear the Judge was pleased by Chemtura's greed. He has on his own granted the Uniroyal retirees a chance to rearument their motion for a stay which he denied yesterday. As part of his argument he stated

"If the Debtors could afford to pay over $1 million per month in incentive compensation to their most senior executives, opposing counsel could be heard to argue that the Debtors’ claims of
prejudice by paying $160,000 per month in retiree health benefits during the pendency of an appeal would ring hollow.

Likewise, the Court had been told one day earlier that the Debtors had over $260 million in EBITDA last year, and, by the Equity Committee, that there was sufficient value in this case to make a distribution to Equity. These matters too were not
addressed in yesterday’s hearing, and, once more, the Court failed to consider them."

http://www.kccllc.net/documents/0911233/0911233100421000000000002.pdf