Shearman & Sterling represented Citigroup Global Markets Inc. as sole lead arranger and sole bookrunner of a $400 million senior secured superpriority debtor-in-possession financing, consisting of $100 million in new cash and two separate roll ups—one of the $150 million AR facility and another of a portion of the pre-petition revolver for Chemtura Corporation. The DIP financing is in connection with Chemtura Corporation’s voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. Chemtura Corporation’s non-U.S. subsidiaries were not included in the filing and are not required to file under the U.S. Bankruptcy Code. This deal arranged for critical financing during a severe global credit downturn. Shearman & Sterling’s Finance group worked closely with the Bankruptcy & Reorganization group in negotiation, drafting and structuring the credit agreement and related court orders.

Chemtura Corporation was formed from the merger of Crompton Corporation and Great Lakes Chemical Corporation and is one of the largest publicly traded specialty chemicals companies in the United States.

The Shearman & Sterling team included partners William E. Hirschberg (New York-Finance), William J.F. Roll III (New York-Litigation) and Fredric Sosnick (New York-Bankruptcy & Reorganization), counsel Benjamin M. Cheng (New York-Finance) and associates Jill Frizzley (New York-Bankruptcy & Reorganization), Sylvia Lee (New York-Finance), Alexa J. Loo (New York-Bankruptcy & Reorganization) and Owen McCarthy (New York-Finance) and legal assistant Sunita Daswani (New York-Finance).