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Chemtura to admit reorganization plan by June 17

May 27/2010

(Plastics Today) -- Still in ongoing discussions with creditors to reach a consensual Chapter 11 plan of reorganization, Chemtura said it is finalizing an agreement with a group of bondholders on confidentiality terms that will allow its largest bondholders to engage in direct negotiations with Chemtura.

 

Chemtura said  expects the plan to repay creditors with cash or common stock in a reorganized, publicly traded company. Chemtura CEO Craig Rogerson, said the company's intent is to emerge from Chapter 11 as quickly and efficiently as possible. "We believe that filing a plan of reorganization with the support of all of our major constituencies is the best way to accomplish this goal," Rogerson said.

 

In previously announced reorganization activities, Chemtura listed its polyvinyl chloride (PVC) additives business as a discontinued operation saying it will not have "significant continued involvement in the operations of the disposed business."

 

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Chemtura to admit reorganization plan by June 17

 

 

 

 

 

 

 

 

 

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