A US bankruptcy judge has approved a reorganisation plan for Chemtura (Middlebury, Connecticut / USA; www.chemtura.com), paving the way for the speciality chemicals manufacturer to emerge from bankruptcy protection. Judge Robert Gerber set aside objections from a committee of shareholders who claimed the reorganisation plan undervalued the company.

In the reorganisation plan, Chemtura was valued at USD 1.9 bn-2.2 bn, with a midpoint of USD 2.05 bn. The shareholder group had argued the company could be worth USD 2.3 bn-2.6 bn, with a midpoint of USD 2.45 bn. Gerber sided with the lower valuation, favouring the methodology used in the calculation.

Chemtura said in a statement that it expects to emerge from Chapter 11 in the coming weeks, as soon as the conditions of its reorganisation plan have been satisfied. "The court's decision confirming our plan represents a major milestone and is one of the last remaining steps in our restructuring," stated Craig Rogerson, Chemtura's chairman, president and CEO. The Company had filed for bankruptcy protection in March 2009, amid falling demand for its products – see also Plasteurope.com of 20.03.2009.