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CHMT > SEC Filings for CHMT > Form 8-K on 1-May-2013All Recent SEC Filings

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Form 8-K for CHEMTURA CORP


1-May-2013

Completion of Acquisition or Disposition of Assets, Financial Statements and Exhibi


Item 2.01 Completion of Acquisition or Disposition of Assets.

Chemtura Corporation ("Chemtura" or the "Company") previously announced that on January 25, 2013, it had entered into an Amended and Restated Asset Purchase and Contribution Agreement ("APCA") with SK Blue Holdings, Ltd., an exempted company incorporated in the Cayman Islands with limited liability ("SK"), and Addivant USA Holdings Corp., a Delaware corporation ("Addivant"), to sell substantially all the assets of the Company's antioxidant and UV stabilizers business. SK and Addivant are affiliates of SK Capital Partners III, L.P., a Delaware limited partnership (the "AO/UV Business").

On April 30, 2013, pursuant to the terms of the APCA, Chemtura completed the sale of its AO/UV Business to SK and Addivant for cash consideration of $97 million, $9 million in preferred stock issued by Addivant and the assumption by SK and Addivant of pension, environmental and other liabilities totaling approximately $94 million. The purchase price is subject to a post-closing net working capital adjustment.

The AO/UV Business has been presented in our financial statements included in our periodic reports as discontinued operations. The Company will account for the sale of the AO/UV Business in its second quarter of 2013 financial statements and anticipates recording a non-cash loss primarily related to the release of currency translation adjustments and accumulated other comprehensive income related to the transfer of the pension obligations, among other items.

The foregoing description is qualified in its entirety by reference to the full text of the APCA, which is attached as Exhibit 10.1 to the Company's Current Report on Form 8-K, dated January 28, 2013.

On May 1, 2013, Chemtura issued a press release announcing the closing of the transaction. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number Exhibit Description

99.1 Press Release issued by Chemtura, dated May 1, 2013

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