Huntsman's claims against Credit Suisse, Deutsche Bank to be heard in court beginning May 11

By Lisa Kerner

Charlotte, N.C., Nov. 24 - The jury trial in Huntsman Corp.'s multi-billion-dollar tortious interference claims against Credit Suisse and Deutsche Bank is set to begin on May 11 in Montgomery County, Texas, Huntsman announced on Monday.

In October, the banks backed out of their commitment to fund a merger of Huntsman and Hexion Specialty Chemicals, Inc. over solvency issues of the proposed combined company, it was previously reported.

According to Huntsman, judge Fred Edwards refused to allow the banks to delay the trial and denied their request to consolidate Huntsman's claims against them with Huntsman's claims against Apollo Management, LP.

A Delaware court will hold a hearing on May 4 regarding Huntsman's claim for damages against Hexion for intentionally breaching its merger agreement with Huntsman, a Huntsman news release said.

In July 2007, Hexion agreed to acquire Huntsman in an all-cash transaction valued at approximately $10.6 billion. Huntsman shareholders approved the deal in October 2007.

Based in Columbus, Ohio, Hexion makes thermoset resins. Huntsman is a Salt Lake City manufacturer of differentiated chemicals and pigments.

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