Chemtura Completes Financial Restructuring and Emerges from Chapter 11Chemtura Completes Financial Restructuring and Emerges from Chapter 11
November 12, 2010
Chemtura Corp. has announced that it has successfully completed its financial restructuring and emerged from protection under Chapter 11 of the U.S. Bankruptcy Code. The company also announced that Chemtura Canada Co./Cie has concluded its Companies' Creditors Arrangement Act proceedings and has emerged from Chapter 11 at the same time as the company's U.S. operations. In connection with the company's emergence, Chemtura expects to be listed on the New York Stock Exchange on November 11, 2010 and trade under the ticker "CHMT".
"Today marks a new beginning for our company, and our employees, customers, and suppliers," said Craig A. Rogerson, Chemtura's chairman, president and chief executive officer. "With the successful completion of our financial restructuring, we have significantly reduced our debt, improved our cost structure, and resolved a considerable amount of environmental and other liabilities.
“Looking forward, we will remain focused on our longer-term corporate objective of growing a global portfolio of leading specialty chemical businesses, committed to innovation, and the creation of value for our stakeholders. We will build from our current globally diverse assets that are well-positioned for success in each segment we serve. We look forward to working with all of our stakeholders for the long-term. I thank our dedicated employees for helping us to achieve solid results throughout this process, and our customers and suppliers for their support."
Under the plan, the company will satisfy creditors' claims in cash and/or stock in the reorganized company and also provide value to equity holders. Additional information with respect to distributions under the plan is available free of charge in the investors section at www.chemtura.com and at www.kccllc.net/chemtura.
Holders of allowed claims should allow 21 days from the effective date to receive both the new common stock and the cash. If either is not received after 21 days, contact Chemtura's claims agent at 866-967-0261.
On November 3, 2010, the U.S. Bankruptcy Court for the Southern District of New York entered an order confirming Chemtura's Plan of Reorganization. The Court's order confirming the plan is available free of charge at www.kccllc.net/chemtura.
With 2009 sales of $2.3 billion, Chemtura is a global manufacturer and marketer of specialty chemicals, agrochemicals, and pool, spa, and home care products. Additional information is available at www.chemtura.com.
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