Chemtura Retirees Win Surpise Reprieve

By Samuel Howard (April 22, 2010, 2:03 PM EDT) -- In a dramatic turnaround, the federal judge overseeing Chemtura Corp.'s bankruptcy has granted a stay to hundreds of Uniroyal Inc. retirees facing the loss of their health insurance and suggested that the class of retirees, who contend that their benefits are vested, may not need to rely on an appeal to get their day in court.

On Wednesday, Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York admitted that he made a mistake when denying the stay and ordered reargument of the issue in light of the fact that Chemtura seems flush enough to...

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