Chemtura

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Frontrunning: May 1





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Frontrunning: February 25





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Frontrunning: November 5





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Frontrunning: December 27





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Frontrunning: December 5





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Chemtura Files Chapter 11 In NY Bankruptcy Court





The most anticipated and least shocking bankruptcy in the history of chemical companies has finally come. Got a $400 million DIP - not bad... those Citi blokes actually did their job. That's a much needed $6 million fee for the Cititanic.

Chemtura Corporation's U.S. Operations File Voluntary Chapter 11 Petitions to Facilitate Financial Restructuring

 
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Chemtura Opening Delayed On News Pending





The news is likely not of the "good" kind

 
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Chemtura Negotiating DIP With Citi, Filing To Come Any Minute





Ed Garden's former directorial chair is still warm, and already the company is rumored to be making advance preparations for a bankruptcy. According to Debtwire, the company is negotiating a DIP financing with existing revolver agent Citigroup (unfortunately most of Citi's DIP arranging bankers have recently departed the company). The likely DIP will total about $400 million, consisting of $100 million in new cash, and two separate roll ups, one of the $150 million AR facility, and another of the pre-petition revolver.

 
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Nelson Peltz Has Had It With Chemtura





Nelson Peltz, who at one point had held high hopes for flame retardant plastics maker Chemtura, has had enough. His proxy on Chemtura's board, Ed Garden, a Vice Chairman of Peltz's Trian Fund Management, announced on Friday he was resigning from the Board of Directors.

 
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Nelson Peltz Has Had It With Chemtura





Nelson Peltz, who at one point had held high hopes for flame retardant plastics maker Chemtura, has had enough. His proxy on Chemtura's board, Ed Garden, a Vice Chairman of Peltz's Trian Fund Management, announced on Friday he was resigning from the Board of Directors.

 
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Chemtura CDS At Record 75 Pts Upfront





The market seems to have sealed the chemical company's fate, essentially saying the likelihood of bankruptcy is about 130% (give or take). Rumors are swirling that Chemtura's destitute bondholders have hired Akin Gump to help them salvage a little of what asset value the plastics maker might have left. With a full blown liquidity crisis and $375 million in notes due this July, the company at this point may at best have another 4 more months of life.

 
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Chemtura Next On The Kirkland And Ellis Bankruptcy Bandwagon





Surprising miss Kary did not break this one (maybe former Goldman restructuring honcho now K&E restructuring honcho Jaime Sprayregen finally "plugged" his leak), instead this piece of news comes compliments of Debtwire. According to "two sources familiar with the situation" Chemtura has hired Kirkland & Ellis as legal counsel and Lazard as financial advisor.

 
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