Chemtura files for bankruptcy protection for US operations

After it failed to sell enough assets to raise cash for its debt obligations, Chemtura has filed for bankruptcy protection for its United States operations. It has obtained a commitment for US$400 mln in debtor-in-possession financing from Citigroup. The parent and 26 US affiliates filed to reorganize under Chapter 11 of U.S. bankruptcy law. The company filed the petition in US Bankruptcy Court for the Southern District of New York. Chemtura said that its non-U.S. subsidiaries aren't affected by the petition and that all operations would continue without interruption as it reorganizes. “Despite our efforts to increase liquidity, including through the potential sale of a business, our reduced liquidity position, combined with the anticipated expiration of our bank waiver, led us to determine that a court-supervised restructuring was the best course of action,” said Craig A. Rogerson, Chemtura’s chief executive. “Through this process, we will continue to focus on operating our business while continuing our efforts to strengthen our balance sheet and gain financial flexibility in order to position Chemtura as a strong, viable, and profitable competitor in the specialty chemicals marketplace.”
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