Chemtura Unloads Dutch Engine Lubricant Business

Law360, New York (July 26, 2010, 1:45 PM EDT) -- A judge has approved bankrupt specialty chemicals maker Chemtura Corp.’s sale of a Netherlands-based engine lubricant additives business to joint venture partner Sonneborn BV in exchange for $5 million in cash and the cancellation of about $14 million in existing claims.

Judge Robert E. Gerber issued an order Friday in the U.S. Bankruptcy Court for the Southern District of New York signing off on the sale, which accelerates an existing plan to hand over the business to Sonneborn in 2013.

The business at issue produces commonly...
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