Chemtura Wins Access To $190M In DIP Cash

Law360, New York (March 20, 2009, 12:00 AM EDT) -- Despite objections from certain noteholders, bankrupt chemical producer Chemtura Corp. was granted interim approval on Friday to access $190 million of its $400 million debtor-in-possession financing from Citibank NA.

Judge Arthur J. Gonzalez of the U.S. Bankruptcy Court for the Southern District of New York, filling in for Judge Robert E. Gerber, approved Chemtura's motion after holding a hearing on the matter.

According to the Middlebury, Conn.-based company, the DIP financing will provide it with financial flexibility to operate its business, including funding post-petition payments to...
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