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Huntsman Reaches $1.7-Billion Settlement with Banks

12:48 PM MDT | June 26, 2009 | Rebecca Coons and Kara Sissel

Huntsman reached an agreement last week with Credit Suisse and Deutsche Bank that provides $1.73 billion in cash and financing to settle Huntsman’s claim that the banks interfered to scuttle Huntsman’s merger agreements with Basell and Hexion Specialty Chemicals. Huntsman filed the suit in Montgomery County, TX district court in January. Huntsman: Enviable cash position. Proceeds will be used to repay debt and enhance liquidity, Huntsman says. The banks paid Huntsman $620 million in cash, purchased $600 million in Huntsman 5.5% senior notes due 2016...

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