Chemtura seeks four-month exclusivity extension to negotiate plan

By Caroline Salls

Pittsburgh, July 6 - Chemtura Corp. requested an extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive plan-filing period to Nov. 13 from July 16 and the solicitation period to Jan. 12 from Sept. 14.

Although it has prepared a foundation to move its bankruptcy case forward, Chemtura said "it would be impossible to bring the plan process to conclusion by July 16."

The company said it still needs to finalize and implement a business plan, establish a claims bar date, implement lawsuit and legacy liability strategies, review all executory contracts, negotiate and draft the terms of a plan and secure exit financing.

A hearing is scheduled for July 28.

Chemtura is a Middlebury, Conn.-based manufacturer and seller of specialty chemicals and polymer products that filed for bankruptcy on March 18. Its Chapter 11 case number is 09-11233.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.