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(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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