Published 25th June, 2010
Chemtura and its 26 affiliates took a step closer to moving out of Chapter 11 protection.
The lubes and specialist oil producer and its 26 US affiliate businesses filed for Chapter 11 bankruptcy protection for its US operations back in March 2009. Now, the company has presented a join Chapter 11 reorganisation plan accompanied by a dislosure statement. This is a key element in the process of stepping out of bankruptcy and Chemtura is now at the mercy of their home state's (Connetticut) bankruptcy court to approve the submission.
In the meantime, a US Department of Energy initiative to support development of energy-efficient building technology products has netted Chemtura some $1.5m in research and development funding for synthetic refrigerant lubes.