Chemtura Creditors Take On Citibank Over Transfers

Law360, New York (July 30, 2009, 4:54 PM EDT) -- Unsecured creditors of bankrupt specialty chemical producer Chemtura Corp. wasted no time in filing an adversary case against Citibank NA after a judge signed off on their request to pursue claims against the lender on behalf of the company.

The official committee of unsecured creditors lodged its complaint in the U.S. Bankruptcy Court for the Southern District of New York on Wednesday, a day after Judge Robert E. Gerber approved its motion to prosecute claims to avoid certain preferential transfers to the bank.

Citibank is the...
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