Pharma Investments, Ventures & Law Weekly
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Huntsman Corporation
Huntsman to Use $1 Billion in Payments from Apollo Affiliates to Reduce Debt, Increase Liquidity
January 25th, 2009
On December 30, 2008, Huntsman Corporation (NYSE:HUN) announced receipt of the final payment of the $1 billion in payments made in December by affiliates of Apollo Management, L.P. ("Apollo") pursuant to a settlement agreement with Huntsman. Net proceeds from the $1 billion in payments (excluding fees and expenses) will be used to reduce the company's indebtedness and to increase liquidity. The company expects the cash tax impact to be minimal. Huntsman will continue its multi-billion dollar tortious interference claims against Credit Suisse and Deutsche Bank (the "Banks"). A jury trial on those claims is set to begin on May 11, 2009, in Montgomery County, Texas. The...
Source: Pharma Investments, Ventures & Law Weekly (2009-01-25)
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