Chemtura posts $40 million December operating profit, amends DIP loan

By Caroline Salls

Pittsburgh, Jan. 15 - Chemtura Corp. reported $40 million of operating profit for December on $225 million of net sales, according to its monthly operating report filed Friday with the Securities and Exchange Commission.

The figures showed improvement over the $9 million of operating profit posted for November on $155 million in net sales.

The net loss for December was $7 million, compared with $9 million of November net earnings.

The company had $81 million of cash and cash equivalents at Dec. 31, down from $89 million at the end of November.

In addition, Chemtura said it entered into a third amendment to its debtor-in-possession credit agreement under which the DIP lenders gave their consent for the proposed sale of the company's PVC Additives business.

The company said it is exploring alternative financing to the DIP loan.

Chemtura is a Middlebury, Conn.-based manufacturer and seller of specialty chemicals and polymer products that filed for bankruptcy on March 18, 2009 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 09-11233.

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