Chemtura requests second exclusivity extension to finalize plan

By Alice Popovici

New York, Oct. 15 - Chemtura Corp. requested a 90-day extension to its exclusive periods to file a plan of reorganization and 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 Feb. 11, 2010 from Nov. 13 and the solicitation period to April 12, 2010 from Jan. 12, 2010. Chemtura was granted a four-month exclusivity extension in July.

A hearing has been scheduled for Oct. 27.

The company said it has made significant progress in its Chapter 11 cases during the eight months since the petition date, but there are many challenges ahead.

"Among other things, the [company]'s ability to propose a confirmable plan depends on an assessment of, and the implementation of strategies for addressing, significant contingent and unliquidated claims that are likely to be filed by the bar date, as well as resolving certain disputes among and between the [company]'s various creditor and equity constituencies," the motion states.

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.

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