Business News
Chemtura Completes Financial Restructuring and Emerges from Chapter 11
Friday 12. November 2010 - Chemtura Canada Co./Cie Concludes CCAA Proceedings and Emerges from Chapter 11
Company Emerges with Strengthened Balance Sheet and Improved Cost Structure
New Chemtura Common Stock Expected to Be Listed on the New York Stock Exchange
Chemtura to Satisfy All Undisputed Claims in Cash and/or Stock and Provide a Distribution to Existing Equity Holders
Chemtura Corporation (Pink Sheets: CEMJQ) (the “Company” or “Chemtura”), today announced that it has successfully completed its financial restructuring and emerged from protection under Chapter 11 of the United States 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 Companys U.S. operations. In connection with the Companys 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, Chemturas 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.”
Rogerson continued, “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, please contact Chemturas claims agent at (866) 967-0261.
On November 3, 2010, the United States Bankruptcy Court for the Southern District of New York entered an order confirming Chemturas Plan of Reorganization.