Chemtura emerges from bankruptcy

Chemtura Corp., a Philadelphia-based maker of specialty chemicals, has emerged from Chapter 11 bankruptcy reorganization and expects to have its stock once again trading on the New York Stock Exchange, starting Thursday.

Under a plan approved Nov. 3 by the U.S. Bankruptcy Court for the Southern District of New York, Chemtura, formed in 2005, said it would satisfy creditors' claims in cash and/or common stock through $750 million in pre-funded exit financing that has been held in escrow. The plan also will provide value to equity holders, the company said.

The financial restructuring significantly reduced debt, improved cost structure, and resolved "a considerable amount" of environmental and other liabilities for the company, with $2.3 billion in sales last year, said Craig A. Rogerson, Chemtura's chairman, president, and chief executive officer.

He thanked "our dedicated employees for helping us to achieve solid results throughout this process, and our customers and suppliers for their support."

On Friday, Chemtura reported third-quarter net sales of $710 million, up from $609 million for the same period a year earlier.

The focus going forward will be on expanding a global portfolio of specialty-chemical businesses committed to innovation and stakeholder value, Rogerson said. Chemtura's products include agrochemicals and pool, spa, and home-care products. It recently sold its sodium sulfonate business to an affiliate of private-equity firm Sun Capital Partners Inc., of Boca Raton, Fla.

The company's stock, which used to trade on the New York Stock Exchange under the ticker CEM, now will trade as CHMT. Since the bankruptcy, it has been trading over-the-counter at less than 35 cents a share.

The Canadian subsidiary, Chemtura Canada Co./Cie, also has exited from bankruptcy, the company said.