Huntsman completes financial restructuring and looks toward potential IPO in 2005 to 2006.(Huntsman Corp.; initial public offering)(Brief Article)(Statistical Data Included)

Chemical Market Reporter, October, 2002 by Chang, Joseph

AFTER MONTHS of negotiations to avert bankruptcy, Huntsman has struck a deal with its bondholders, completing its financial restructuring plan announced last June. Under the deal, Huntsman will convert $775 million in Huntsman Corp. bond debt and interest into equity, and eventually retain a majority stake in a holding company comprising Huntsman Corp., Huntsman Polymers and about 90 percent of Huntsman International Holdings (with banks continuing to hold the remaining 10 percent). The Huntsman family will also retain operational and board control.

Huntsman has also amended the terms of its bank credit facilities to extend their maturity to 2007. In addition, the company has entered into a new revolving credit facility with banks led by Deutsche Bank to...

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