The US$1 bln in payments recently received by Huntsman Corporation by affiliates of Apollo Management, L.P. regarding a settlement agreement with Huntsman will be used to reduce the company's indebtedness and to increase liquidity, it announced in a statement. The company expects the cash tax impact to be minimal. Huntsman has filed a motion to dismiss a lawsuit against Apollo and its affiliates that had been pending in Texas state court in Montgomery County, Texas. Huntsman's counterclaims against Hexion Specialty Chemicals, Inc., Apollo and its affiliates in the Delaware Court of Chancery have been stayed, pending the filing of a motion by the parties to dismiss all claims and appeals in Delaware.
Huntsman will continue its multi-billion dollar tortuous interference claims against Credit Suisse and Deutsche Bank, as per the release. Peter R. Huntsman, President and CEO of Huntsman Corporation, stated, "We begin 2009 with cash in the bank and the objective of bringing Credit Suisse and Deutsche Bank to justice for the harm they have caused."