Chemtura needs amendment and waiver to avoid non-compliance with covenants

By Sara Rosenberg

New York, March 2 - Chemtura Corp. will need a further amendment and waiver from its bank group to avoid defaulting on financial covenants, according to a 10-K filed with the Securities and Exchange Commission on Monday.

On Dec. 30, the company obtained a waiver of compliance that expires on March 30 with two financial maintenance covenants.

The company's financial performance in 2009 is not expected to be sufficient to enable it to be in compliance with these covenants as of March 31 and for the balance of 2009.

The anticipated amendment and waiver will need to happen prior to the expiration of the current waiver period.

Chemtura is a Middlebury, Conn.-based manufacturer and seller of specialty chemicals and polymer products.

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