Chemtura, United Steelworkers Ink Deal On Benefit Cuts

Law360, New York (September 3, 2010, 1:31 PM EDT) -- Bankrupt Chemtura Corp. has reached a settlement with the United Steelworkers union allowing the specialty chemical company to cut its benefit obligations to union member retirees by about half, a move that will save the company about $19 million.

The debtor filed a motion Thursday in the U.S. Bankruptcy Court for the Southern District of New York saying it is in the company’s interest to settle rather than continue to litigate the dispute and face the uncertainty of a possible adverse ruling.

The deal puts to...
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