Chemtura Files for
Bankruptcy Protection

The US Bankruptcy Court for the Southern District of New York has approved all of Chemtura's motions, allowing the company to continue normal business operations during its restructuring process.

Chemtura filed for Chapter 11 Bankruptcy protection on Wednesday.

The company will pay all outstanding employee wages, health benefits, and certain other employee obligations. Chemtura's U.S. and worldwide operations are expected to continue without interruption during the restructuring process.

The Middlebury, Connecticut-based company said that its non-U.S. subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code.

Chemtura was formed in 2005 with the merger of Crompton Corporation and Great Lakes Chemical Corporation. Crompton was formed in 1999 by the merger of Crompton & Knowles Corporation and Witco Corporation.

Comments

Post a Comment

Popular posts from this blog

Arrests in Operation Diamond Drop

Image
HARRISBURG — Attorney General Tom Corbett today announced that agents from the Attorney General’s Bureau of Narcotics Investigation, assisted by local police officers from across Erie County and the Pennsylvania State Police, are in the process of arresting 41 suspects linked to a nearly $5 million drug organization operating in and around Erie. Corbett said the nearly 2-year long grand jury investigation, known as “Operation Diamond Drop,” used court-ordered wiretaps, undercover surveillance and controlled drug purchases to identify large-scale cocaine and marijuana traffickers in the region. “Drug trafficking at this level is ‘big business’, including upper-level suppliers, mid-level distributers and street-level sales people,” Corbett said. “Our investigations focus on following the drugs and money to their source, allowing us to attack an entire drug distribution network when we make our arrests.” Corbett said the chief figure charged today is Miguel Angel Burgos, 31, 9891 Holly...
Read more

Cops: Man Had Sex with 13-Year-Old

Image
A Derrick City man is accused of having sex with a 13-year-old girl. 19-year-old Richie Cromley is charged with statutory sexual assault, unlawful contact with a minor and criminal solicitation on a computer of a sex act with a child. He was sent to jail on $100,000 bail. The news leader of the Twin Tiers ... since 1947
Read more

Two Arrested on Drug Charges

Image
Two people were arrested on drug charges after state police got a report about unauthorized use of a vehicle. Troopers found the vehicle in Randolph on Wednesday and arrested the driver, 31-year-old Bridget Bardo of Conewango, for aggravated unlicensed operation and criminal possession of a controlled substance. She was released on her own recognizance and scheduled to appear in Town of Randolph Court. Her passenger, 28-year-old Andrew Jaquish of Salamanca, was charged with three counts of criminal possession of a controlled substance. Police also learned there was an active warrant against him from City of Jamestown Court. He was sent to Chautauqua County Jail on $1,000 bail. The news leader of the Twin Tiers ... since 1947
Read more