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Huntsman’s Income Skyrockets on $1.7-Billion Settlement with Banks

8:54 AM MDT | August 6, 2009 | Nancy Seewald

Huntsman’s second-quarter net income was $406 million, compared with income of $24 million in the year-ago period. The huge increase is attributable to Huntsman’s settlement with Credit Suisse and Deutsche Bank, which provided Huntsman with $620 million in cash and an additional $1.1 billion in financing. Huntsman reported an adjusted net loss of $64 million, compared with adjusted income of $20 million in the same period last year. Sales fell 36%, to $1.87 billion. Huntsman’s polyurethanes segment posted Ebitda down 42%, to $86 million, on...

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