Middlebury, Connecticut -- Chemtura Corp. has a new US accounts receivable facility, which started on 23 Jan 2009, replacing its former facility, which has been terminated.
Chemtura said the new facility makes available up to $150 million and has a three-year term. Some of its lenders have committed to be purchasers under this new facility, and as a result, lender commitments under the senior credit facility have been reduced from $500 million to $350 million.
Chemtura announced at the beginning of January 2009 that it was taking these steps, following a sharp decline in order volumes for the group in November and December 2008. "As the recession takes hold, the deterioration in business conditions has impacted Chemtura's financial performance and outlook. We are grateful for the support and prompt action by our lenders to address the immediate impact of these changes," said Craig Rogerson, chairman, president and ceo, in an earlier statement.