UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): January 25, 2010
Chemtura
Corporation
(Exact
name of registrant as specified in its charter)
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Delaware
(State
or other jurisdiction
of
incorporation)
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1-15339
(Commission
file number)
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52-2183153
(IRS
employer identification
number)
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199
Benson Road, Middlebury, Connecticut
(Address
of principal executive offices)
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06749
(Zip
Code)
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(203)
573-2000
(Registrant's
telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
¨ Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.05 Costs Associated
with Exit or Disposal Activities
On January 25, 2010, the Board of
Directors of Chemtura Corporation (“Chemtura” or the “Company”) approved a
restructuring plan involving the consolidation and idling of certain assets
within the Flame Retardants business operations in El Dorado, Arkansas.
The restructuring plan is subject to bankruptcy court approval and, if
such approval is obtained, is expected to be completed by the fourth quarter of
2010. As a result of the restructuring plan, the Company expects to
record exit costs of approximately $40 million, primarily in the first half of
2010, consisting of approximately $35 million in accelerated depreciation of
property, plant and equipment and approximately $5 million in other
facility-related shutdown costs, which include accelerated recognition of asset
retirement obligations, decommissioning of wells and pipelines and
severance. The Company expects cash costs, including capital costs,
to be approximately $20 million primarily in 2010.
On January 25, 2010, the Company filed
a motion in the United States Bankruptcy Court for the Southern District of New
York seeking an order approving the restructuring plan. The motion
will be heard on February 23, 2010.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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Chemtura Corporation
(Registrant)
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By:
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/s/ Billie S. Flaherty
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Name:
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Billie
S. Flaherty
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Title:
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SVP,
General Counsel &
Secretary
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