HOUSTON (Dec. 7)—Huntsman Corp. and subsidiary Huntsman Polymers Corp. are negotiating with bondholders to restructure the firms' debt and create more financial flexibility. The two companies didn't make interest payments due under their bonds on Dec. 1 and don't plan to make payments when they're due Jan. 1, a Huntsman spokesman said. The decision followed a commitment Nov. 28 from Deutsche Banc Alex, Brown, its leading lender, to grant the company up to $150 million in financing, which will give Huntsman additional liquidity and allow the companies to continue to operate their businesses efficiently and pay creditors, the company said in a prepared statement. Proceeds from the additional financing will be used for ongoing cash needs and not for payment of interest on bonds, the firm said. A committee of the company's principal lenders has agreed to support the deal.
Huntsman restructures debt
Rubber News wants to hear from its readers. If you want to express your opinion on a story or issue, email your letter to Editor Bruce Meyer at [email protected].