Chemtura Files For Exit Financing

Chemtura has asked court permission to proceed with a $1.025 billion exit financing, court filings say. The funding will include a $275 million asset-backed credit line, and $750 million in some combination of bond issuance and term loan. The financing will help the company fund it's operations after it emerges from bankruptcy, and will be held in escrow until then. Chemtura filed a reorganization plan in June, and expects to emerge from bankruptcy in the fall. The company urged the court to quickly approve the financing, noting that it may be difficult to secure...

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