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Low Demand, High Costs Led To Ch. 11: Chemtura

Law360 (March 19, 2009, 12:00 AM EDT) -- A decline in order volume and sharp increase in the cost of production contributed to a $973 million net loss in 2008, chemical producer Chemtura Corp. said Wednesday as it and 26 of its American affiliates filed for Chapter 11 protection.

Chemtura, which filed its petition in the U.S. Bankruptcy Court for the Southern District of New York, lost $690 million in the fourth quarter of 2008 alone, according to Stephen Forsyth, the company's executive vice president and chief financial officer.

The company's non-U.S. subsidiaries were...
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