Chemtura, Exxon Lay Down Swords In Rebate Spat

Law360, New York (July 14, 2010, 3:29 PM EDT) -- Bankrupt chemical company Chemtura Corp. has won court approval to bury the hatchet with creditor Exxon Mobil Corp. over prepetition claims Chemtura owed the oil giant under a rebate program in which it participated before it became insolvent.

Judge Robert E. Gerber of the U.S. Bankruptcy Court for the Southern District of New York signed off on the parties' settlement stipulation Tuesday, giving Chemtura the green light to modify a bankruptcy stay in order to allow it to fork over about $135,000 to ExxonMobil.

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