THE WOODLANDS, Texas (Jan. 9, 2009)—Specialty chemicals manufacturer Huntsman Corp. intends to use the proceeds from $1 billion paid by Apollo Management L.P. settling their merger dispute to reduce company debt and increase liquidity.
Huntsman will continue its multibillion dollar claims against Credit Suisse and Deutsche Bank, with a jury trial expected to begin May 11 in Montgomery Court, Texas, the company said.
Huntsman also revealed it recently received an unrelated payment of $40 million relating to an insurance claim from the April 2006, fire at its manufacturing facility in Port Arthur, Texas. The company has claimed about $235 million is still owed to Huntsman under its insurance policy for losses caused by the fire.