Chemtura sees exit from bankruptcy in summer 2010
NEW YORK |
NEW YORK Dec 17 (Reuters) - Bankrupt U.S. chemicals maker Chemtura Corp CEMJQ.PK said on Thursday that it expects to be able to exit bankruptcy protection next summer.
Chemtura, a Connecticut-based specialty chemicals maker, said it has received 14,000 claims from creditors and expanded its exit timeline to address them.
Chemtura said it has been increasing strategic investments, boosting research and development and making other business improvements while operating under Chapter 11.
The company is currently "working closely with" several financial institutions that it expects to lead its exit financing, so it can emerge as a standalone company, it said in a statement.
Chemtura, hit by reduced demand, filed for bankruptcy protection in March, listing assets in excess of $3 billion.
The case is In re: Chemtura Corp, U.S. Bankruptcy Court, Southern District of New York, No. 09-11233.
(Reporting by Emily Chasan; Editing Bernard Orr)
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