Chemtura Corp (fka CHMT)

[local]

EC response to the request for an extension
Statement with Respect to the Motion
1. By the Motion, the debtors and debtors-in-possession in the Chapter 11 Cases (the "Debtors") seek entry of an order extending by 99 days the exclusive periods during which only the Debtors may file a chapter 11 plan of reorganization and solicit acceptances thereof. Specifically, the Motion seeks to (a) extend the exclusive period to file a chapter 11 plan (the "Exclusive Filing Period") for each of the Debtors through and including September 18, 2010 and (b) extend the exclusive period to solicit acceptances of a chapter 11 plan (together
with the Exclusive Filing Period, the "Exclusive Periods") for each of the Debtors through and including November 17, 2010.
2. As the Equity Committee has repeatedly made clear, the Committee is committed to pursuing the best possible result in the Chapter 11 Cases – namely, a reorganization that appropriately finances the Debtors' businesses and maximizes value for all stakeholders, including equity security holders. The Equity Committee further believes that there is significant value that can and should be preserved for existing equity holders.
3. The Debtors have publicly stated that they intend to file a plan of reorganization by June 17, 2010. See Press Release, "Chemtura Comments on the Status of the
Development of its Plan of Reorganization," May 25, 2010. The Equity Committee hopes that, consistent with their fiduciary duties, the Debtors will pursue a plan of reorganization that
maximizes the value of their estates and provides to equity holders the value that is rightfully 1 Although establishing June 10, 2010 at 4:00 pm (ET) as the objection deadline with respect to the Motion, the Debtors agreed to extend the deadline for the Equity Committee to June 11, 2010 at 11:59 pm (ET).
The Equity Committee stands ready to work with the Debtors in pursuing such a plan. By contrast, the Debtors' pursuit of a contrary plan of reorganization that fails to provide
appropriate value to equity holders would breach the directors' fiduciary duties and would be vigorously opposed by the Equity Committee. 4. The Equity Committee does not presently object to the relief sought in the Motion. However, the Equity Committee reserves all its rights to seek to terminate the Debtors'
Exclusive Periods for any applicable reason, including if the Debtors choose to pursue a reorganization that fails to maximize value.
Dated: June 11, 2010
SKADDEN, ARPS, SLATE, MEAGHER &
FLOM, LLP

http://www.kccllc.net/documents/0911233/0911233100611000000000002.pdf