Chemtura Submits Reorganization Plan

NEW YORK (AP) -- Specialty chemicals maker Chemtura Corp. on Thursday said it has filed a reorganization plan and hopes to emerge from Chapter 11 bankruptcy protection within the next few months.

Chemtura and 26 of its affiliates filed the plan with the U.S. Bankruptcy Court for the Southern District of New York. The next step is for the court to schedule a hearing to consider the plan.

The plan is supported by the company's official committee of unsecured creditors and the ad hoc committee of its bondholders.

Filing the plan shows "Chemtura's progress toward emerging as a stronger, leaner global enterprise," said CEO Craig A. Rogerson.

Chemtura filed for Chapter 11 bankruptcy protection in March 2009 after a sharp drop in order volume led to problems with liquidity and cash flow. A month later, the court granted approval for a $400 million debtor-in-possession credit facility to help the company keep operating as it worked out a reorganization plan.

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