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Chemtura: SK Capital in "stalking horse” bid

Chemtura (Middlebury, Connecticut / USA; www.chemtura.com), currently in US Chapter 11 insolvency proceedings, has entered a "stalking horse” agreement with SK Capital Partners (New York / USA; www.skcapitalpartners.com), naming the private equity group as lead bidder in a court-approved auction of its "Mark” brand global PVC additives portfolio with sales of USD 374m.

The transaction includes "certain assets, the stock of a European subsidiary and the assumption of certain liabilities.” Although SK, with a bid estimated at USD 45m, is seen to have the inside track, it can be outbid by competitors up to the 22 February deadline.

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