The Woodlands, Texas - Speciality chemicals manufacturer Huntsman Corp. intends to use the proceeds from $1000 million paid by Apollo Management LP to settle their merger dispute to reduce company debt and increase liquidity.
Huntsman will continue its multi-billion dollar claims against Credit Suisse and Deutsche Bank, with a jury trial expected to begin on 11 May 2009 in Montgomery Court, Texas, the 7 Jan company statement said.
"We begin 2009 with cash in the bank and the objective of bringing Credit Suisse and Deutsche Bank to justice for any harm they have caused," said Huntsman president and ceo, Peter Huntsman.
Huntsman also revealed it recently received an unrelated payment of $40 million relating to insurance claim from the 29 April 2006, fire at its manufacturing facility in Port Arthur, Texas. The company has claimed around $235 million is still owed to the Huntsman under its insurance policy for losses caused by the fire.