FOR IMMEDIATE RELEASE
Chemtura Corporation Terminates Rights Offering
PHILADELPHIA, Pa., September 23, 2010 Chemtura Corporation, debtor-in possession (Pink Sheets: CEMJQ) (the Company or
Chemtura), today announced that it has terminated its previously announced rights offering to eligible holders to purchase up to 7,385,524 shares of new common stock.
As previously disclosed, on March 18, 2009, Chemtura and 26 of its U.S. subsidiaries (collectively, with Chemtura, the Domestic Debtors)
filed voluntary petitions for reorganization, and on August 8, 2010, Chemtura Canada Co./Cie (Chemtura Canada, and, collectively with the Domestic Debtors, the Debtors) filed a voluntary petition for reorganization under
Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York (the Bankruptcy Court). On August 5, 2010, the Debtors filed with the Bankruptcy Court the solicitation version of their joint
plan of reorganization (as it may be further amended, supplemented or modified, the Plan) and accompanying disclosure statement (as it may be further amended, supplemented or modified, the Disclosure Statement). The
Bankruptcy Court approved the Disclosure Statement on August 5, 2010. On September 2, 2010, Chemtura filed a supplement to the Plan with the Bankruptcy Court, as contemplated by the Plan.
Each class of creditors entitled to vote on the Plan has voted to support the Plan, while the holders of Class 13a interests, primarily consisting of the
equity holders of the Debtors, voted to reject the Plan. The previously proposed rights offering to eligible holders to purchase up to 7,385,524 shares of new common stock was conditioned upon the holders of Class 13a interests voting to support the
Plan, and therefore, such rights offering has been terminated by the Company, and the shares of common stock registered with the Securities and Exchange Commission pursuant to a Registration Statement on Form S-1 will be deregistered by a
The treatment of holders of Class 13a interests when the Plan becomes effective, if confirmed, is described in the
Plan and Disclosure Statement.
About the Company
Chemtura, with 2009 sales of $2.3 billion, is a global manufacturer and marketer of specialty chemicals, agrochemicals, and pool, spa and home care
products. Additional information concerning Chemtura is available at www.chemtura.com.
This press release includes forward-looking statements. These statements include but are not limited to our plans, objectives, expectations
and intentions and other statements that contain words such as expects, contemplates, anticipates, plans, intends, believes and variations of such words or similar expressions
that predict or indicate future events or trends, or that do not relate to historical matters. These statements are based on our current beliefs or expectations and are inherently subject to significant uncertainties and changes in circumstances,
many of which are beyond our control. There can be no assurance that our beliefs or expectations will be achieved. Actual results may differ materially from our beliefs or expectations due to economic, business, competitive, market and regulatory
factors. Important factors that could cause actual outcomes to differ materially from those in the forward-looking statements include the following: our ability to satisfy any conditions precedent to funding our anticipated exit financing facilities
including the term loan facility, risks and uncertainties associated with our Plan, including our ability to successfully complete a restructuring of our balance sheet, and other factors described in our periodic reports, including Item 1A Risk
Factors of our Quarterly Report on Form 10-Q for the period ended June 30, 2010.