MIDDLEBURY, Conn. (Feb. 8, 2010)—Chemtura Corp., a manufacturer of urethane prepolymers and additives, said it is seeking approval for an amended $450 million debtor-in-possession facility to allow the company to execute its business plan.
Chemtura filed a motion Feb. 4 with the U.S. Bankruptcy Court for the Southern District of New York for the approval of the new DIP agreement, which will refinance the company's existing $400 million DIP facility, provide improved financing and credit terms, additional financial flexibility and permit necessary capital expenditures, Chemtura said.
Citibank NA, Bank of North America NA, Barcalays Bank p.l.c., Wells Fargo Foothill L.L.C. and other lenders will be part of the new DIP facility, the statement said.
Chemtura CEO Craig Rogerson said the company is confident that filing a plan with the support of its creditors is the quickest path to emerge from Chapter 11 a stronger and more nimble global enterprise.
Chemtura recorded sales of about $3.5 billion in 2008. The company filed for approval of its original $400 million DIP facility and protection under Chapter 11 in March 2009.