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Chemtura Seeks Approval of Amended and Restated DIP Credit Facility
2010-02-08 [Source: Pudaily]
Chemtura Corporation, debtor-in-possession (DIP), announced that it filed a motion with the US Bankruptcy Court for the Southern District of New York seeking approval of an amended and restated DIP credit agreement. Citibank, N.A. together with Bank of America N.A., Barclays Bank PLC and Wells Fargo Foothill LLC and other lenders are parties to the new DIP facility.
The new USD 450 million DIP facility, which refinances Chemtura's existing USD 400 million DIP facility, provides Chemtura with improved financing and credit terms and additional financial flexibility, and it permits capital expenditures necessary to execute its business plan.
"The lenders have shown confidence in the company's strong performance and management by increasing the DIP facility by USD 50 million and at the same time by significantly lowering the financing costs," said Craig A. Rogerson, Chemtura's Chairman, President and Chief Executive Officer. "The improved terms of the new DIP facility are a reflection of the improving credit markets as well as a testament to the outstanding progress we are making in our restructuring efforts."
Chemtura is working with its constituencies to develop a consensual plan of reorganisation.
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