Middlebury, Connectiut -- Chemtura Corp., a manufacturer of urethane prepolymers and additives, is seeking approval for an amended $450-million debtor-in-posession (DIP) facility to allow the company to execute its business plan, the company said 4 Feb.
Chemtura filed a motion on 4 Feb with the US Bankruptcy Court for the Sourthern District of New York for the approval of the new DIP agreement, which will refinance the company's existing $400 million DIP facility, provide improved financing and credit terms, additional financial flexibility and permit necessary capital expenditures, Chemtura said.
Citibank, NA, Bank of North America NA, Barcalays Bank plc, Wells Fargo Foothill llc and other lenders will be part of the new DIP facility, the statement said.
"We are confident that filing a plan with the support of our creditors is the quickest path to emerge from Chapter 11 a stronger and more nimble global enterprise, best equipped to grow and meet the needs of our customers," said Chemtura ceo, Craig Rogerson.
Speciality chemical company Chemutura recorded sales of around $3500 million in 2008. The company filed for approval of its original $400 million DIP facility and protection under Chapter 11 in March 2009. (RD)