Credit Crunch Drains Liquidity

Companies Have Difficulty Raising Funds The credit crunch and related liquidity crisis is causing problems for chemical makers that need to refinance or restructure debt. “Getting either debt or equity financing currently is nearly impossible for all but investment-grade companies, because the economic downturn is more severe than usual and the credit crunch is exceptionally severe,” says Peter Young, president of Young & Partners (New York). Banks are willing to lend, but terms are much tougher than in the past, says Lee Harrs, managing...

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