PHILADELPHIA (Nov. 15, 2010)—Chemtura Corp. has completed its financial restructuring and emerged from Chapter 11 protection of the U.S. Bankruptcy Code.
Chemtura Canada Co./Cie has also emerged from Chapter 11, after concluding its Companies' Creditors Arrangement Act proceedings.
Chemtura said it will be listed on the New York Stock Exchange, trading under the ticker CHMT.
Chairman Craig Rogerson said Chemtura has significantly reduced its debt, improved its cost structure and resolved a considerable amount of environmental and other liabilities."
He said the operation will remain focused on longer-term corporate objectives of growing a global portfolio of leading specialty chemical businesses, committed to innovation and the creation of value for stakeholders.
Under the reorganization, the company said it will satisfy creditors' claims in cash and/or stock in the reorganized operation and also provide value to equity holders.