The Woodlands, Texas - Huntsman Corp. announced 30 Dec 2008 that it had received the final $425 million payments from affiliates of Apollo Management, LP. The payments were made following Huntsman's agreement with Hexion Specialty Chemicals Inc., Apollo and affiliates to settle Huntsman's claims in connection with a terminated merger agreement between Hexion and Huntsman.
This payment completes the $1 billion required to be paid to Huntsman under the settlement.
Huntsman received $325 million as a termination fee under the merger agreement on 19 Dec and on 23 Dec Huntsman received $250 million from Apollo affiliates for 10 year convertible notes issued by Huntsman.
"We have received the $1 billion in payments sooner than anticipated which puts our company in a very unique position. As we look forward to the upcoming year, our balance sheet is much stronger and our business is in a greater position to prosper," said Huntsman's president and ceo Peter Huntsman in the statement.