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Chemtura Equity Holders Reject Reorganization Plan

9:20 AM MDT | September 24, 2010 | Vincent Valk

Chemtura equity holders have voted to reject the company's reorganization plan, Chemtura says. The vote voids shareholders' right to purchase up to 7.4 million shares in the reorganized company, and renders the ultimate shape of shareholder compensation in the bankruptcy proceedings unclear. Chemtura expects to emerge from bankruptcy sometime this fall. The impact of the vote on the timing of Chemtura's emergence is, as yet, uncertain. In August, members of the Equity Committee, which represents in shareholders' interests, announced their intention to vote...

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