Chemtura Corporation (OTC:CEMJQ) has filed a motion with the US Bankruptcy Court for the Southern District of New York to seek approval of an Amended and Restated Debtor in Possession Credit Agreement. Parties to the DIP include Citibank, N.A., Bank of America N.A., Barclays Bank PLC, and Wells Fargo Foothill LLC. The $450 million DIP facility will refinance Chemtura’s $400 million DIP facility, providing the company with improved financing and credit terms. It will also provide financial flexibility and will permit capital expenditures needed to execute the company’s business plan.
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Chemtura Corporation, together with its consolidated subsidiaries, is a specialty chemical company. The Company is engaged in manufacture and sale of specialty chemicals. It operates in a range of end-use markets, including automotive, transportation, construction, packaging, agriculture, lubricants, plastics for durable and non-durable goods, electronics, and home pool and spa chemicals. The Company is a diversified producer of specialty chemicals and polymer products and is a supplier of home pool and spa chemicals in United States. On February 29, 2008, Chemtura completed the sale of the oleochemicals business. On January 31, 2008, Chemtura completed the sale of the fluorine chemical business. In March 2009, Chemtura Corporation announced that the Company and 26 of its United States affiliates have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York (the Court).
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