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Chemtura files for US bankruptcy

Chemtura has filed for protection from creditors under Chapter 11 of the US Bankruptcy Code. The move has been prompted by liquidity and cash flow problems. “Despite our efforts to increase liquidity, including the potential sale of a business, our reduced liquidity position, combined with the anticipated expiration of our bank waiver, led us to determine that a court-supervised restructuring was the best course of action,” says Chemtura’s chairman, president and CEO, Craig Rogerson.

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