Chemtura Gets OK To Buy Back Receivables Portfolio

Law360, New York (April 24, 2009, 12:00 AM EDT) -- Bankrupt chemical producer Chemtura Corp. has received permission to use more than $117 million in an existing debtor-in-possession loan plan to repurchase a receivables portfolio from one of its nondebtor subsidiaries.

Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York signed off on the order Thursday. In addition, Judge Gerber gave a second preliminary approval to Chemtura to immediately access $190 million of a $400 million DIP loan financed by Citibank NA.

Chemtura was also given approval to use...
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