Chemtura Corp (fka CHMT)

[novachem]

The Debtors currently are actively negotiating with the United States government
in an effort to settle all environmental claims asserted on behalf of the EPA and the other federal
agencies covered by the United States claim. The Debtors’ current plan is to attempt to resolve -
either consensually or through claims objection and estimation proceedings - the United States
claim in advance of confirmation of a plan of reorganization. The Debtors are pursuing a similar
course of action with respect to the states that filed proofs of claim. Debtors believe that it is
important to resolve both the government claims and the $1.7 billion overlapping Environmental
Claims issue in the near term, in order to avoid delays in confirming or consummating a Chapter
11 plan and making distributions thereunder.

http://www.kccllc.net/documents/0911233/0911233100528000000000036.pdf