Chemtura seeks to extend bankruptcy protection to Canadian subsidiary

07/13/2010 | PlasticsNews.com

Specialty chemicals maker Chemtura and its U.S. affiliates have submitted a revised bankruptcy plan that includes the simultaneous bankruptcy filing of Chemtura's Canadian unit, according to court documents filed by the company. The move is intended to guarantee the extension of bankruptcy protection to Chemtura Canada for certain "diacetyl liabilities," this article says. The process will ensure "that all of Chemtura Canada's other secured and unsecured claims are paid in full and in cash according to their normal terms," said Chemtura CEO Craig Rogerson.

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