Old news but not sure if anyone posted
Chemtura May Complete Sulfonates Sale To Sonneborn
Specialty-chemical maker Chemtura Corp. was given court approval on July 23 to sell the remainder of the sodium sulfonates and oxidized petrolatums businesses to Sonneborn Inc. for $5 million plus adjustment. The bankruptcy judge approved the sale without holding an auction to test if there was a higher price.
Last week the judge said he would approve the disclosure statement after changes are made. Supported by the creditors’ committee and an ad hoc bondholder group, the reorganization plan would pay creditors in full while leaving the possibility of saving some value for existing shareholders. The plan would reduce debt for borrowed money from $1.3 billion to approximately $750 million. For details, click here for the June 18 Bloomberg bankruptcy report.
The Chapter 11 petition in March 2009 by Middlebury, Connecticut-based Chemtura listed assets of $3.06 billion against debt totaling $2.6 billion, including $1.02 billion owing on three issues of notes and debentures. Sales in 2008 of $3.5 billion declined to $2.5 billion in 2009. The subsidiaries outside of the U.S. didn’t file.
The case is Chemtura Corp., 09-11233, U.S. Bankruptcy Court, Southern District of New York (Manhattan).
