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Chemtura completes turnaround

Chemical and petroleum additives specialist, Chemtura, posted strong Q3 figures and emerged from bankruptcy.

Chemtura logoThe company, which filed under US and Canadian Chapter 11 Bankruptcy laws in March 2009, had its financial restructuring plan approved in early November 2010 and its shares re-listed on the New York Stock Exchange.

The news completes a very challenging period for the the company, but there was further good news with Chemtura reporting 2010 Q3 net sales of $710m, up 17% on the same period last year and operating profits, based on GAAP accounting, of $69m - a significant rise of 123%.

Setting those figures into context, Q4 of 2008 saw an operation loss of $737m, which culminated in a $929m loss for the year.  Shortly afterwards, the company set about realigning its business structure, with its petroleum additives, lubes and greases divisions being placed in Chemtura's Performance Products group.

The restructuring plan includes a $275m revolving credit facility with a number of lenders.

 

Tags: additives, Corporate News, N America

Published 17th November, 2010

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