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 Company’s U.S. operations. In connection with the Company’s 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, Chemtura’s 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 Chemtura’s 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 Chemtura’s Plan of Reorganization. The Court’s order confirming the Plan is available free of charge at www.kccllc.net/chemtura.
About the Company
Chemtura, with 2009 sales of $2.3 billion, is a global manufacturer and marketer of specialty chemicals, agrochemicals, and pool, spa and home care products. Additional information concerning Chemtura is available at www.chemtura.com.
This document includes forward-looking statements within the meaning of Section 27(a) of the Securities Act of 1933, as amended and Section 21(e) of the Exchange Act of 1934, as amended. These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will" and similar expressions and include references to assumptions and relate to our future prospects, developments and business strategies.
Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to:
These statements are based on the Company's estimates and assumptions and on currently available information. The forward-looking statements include information concerning the Company's possible or assumed future results of operations, and the Company's actual results may differ significantly from the results discussed. Forward-looking information is intended to reflect opinions as of the date this press release was issued. The Company undertakes no duty to update any forward-looking statements to conform the statements to actual results or changes in the Company's operations.