Chemtura Wins Nod For Ch. 11 Disclosure Statement

Law360, New York (July 21, 2010, 4:38 PM EDT) -- Bankrupt plastics components maker Chemtura Corp. has won a green light to move forward with a reorganization proposal seeking to cut the company’s debt balance nearly in half, shooting down a stockholders committee’s request to submit a competing plan.

Judge Robert E. Gerber conditionally approved a disclosure statement for Chemtura’s plan Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, saying he would wait until a number of disputed details are sorted out before officially signing off of the statement.

The order...
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