Philadelphia, Pennsylvania -- Chemtura Corp. has completed its financial restructuring and emerged from Chapter 11 protection of the US Bankruptcy Code, the company announced 10 Nov 2010.
Chemtura Canada Co./Cie has also emerged from Chapter 11, after concluding its Companies' Creditors Arrangement Act proceedings.
Chemtura said it expects to be listed on the New York Stock Exchange 11 Nov 2010, trading under the ticker CHMT.
"Today marks a new beginning for our company, and our employees, customers and suppliers," said chairman Craig Rogerson, noting that, Chemtura has "significantly reduced our debt, improved our cost structure and resolved a considerable amount of environmental and other liabilities."
Rogersona said the operation, "will remain focused on our longer-term corporate objective of growing a global portfolio of leading speciality chemical businesses, committed to innovation and the creation of value for our stakeholders."
In this, he said, Chemtura can "build from our current globally diverse assets that are well-positioned for success in each segment we serve."
Under the reorganisation, the company will satisfy creditors' claims in cash and/or stock in the reorganised operation and also provide value to equity holders.
Additional information on this is available in the investors section at www.chemtura.com and at www.kccllc.net/chemtura.
Chemtura, with 2009 sales of $2300 million, is a global manufacturer and marketer of speciality chemicals, including urethane prepolymers, and a wide range of antidegradants and flame retardants for polyurethanes, plastics and rubber. It also makes agrochemicals, and pool, spa and home-care products.