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Huntsman Corp targets Credit Suisse, Deutsche in legal battle
01 Oct '08
2 min read
Huntsman Corporation sued affiliates of Credit Suisse and Deutsche Bank (the “Banks”), lenders who had signed an agreement committing them to finance the merger of Huntsman and Hexion Specialty Chemicals Inc.
The lawsuit, filed in Montgomery County, Texas, alleges that the Banks were conspiring with Apollo Management, L.P. to interfere with Huntsman's previous merger agreement with Basell, interfere with a later Merger Agreement with Hexion and usurp for their own benefit substantial and valuable rights that belonged to Huntsman.
Huntsman requested temporary and permanent injunctive relief to prevent the Banks from continuing to interfere and thwart Huntsman's rights under the Merger Agreement with Hexion.
This afternoon, District Judge Fred Edwards of the Montgomery County Texas District Court awarded a Temporary Restraining Order in favor of Huntsman.
Judge Edwards found that irreparable harm would result if the Banks were not immediately enjoined from terminating their financing commitment pending a full hearing on Huntsman's request for a temporary injunction.
Accordingly, Judge Edwards ordered that the Banks, among other things, must not take any action that could reasonably be expected to materially impair, delay, terminate, or prevent consummation of the financing contemplated by the agreement between the Banks and Hexion.
Commenting on this latest court victory, Huntsman's President and CEO, Peter R. Huntsman, stated, “We are grateful for decision by Judge Edwards, which comes on the heels of Vice Chancellor Lamb's decision yesterday to similarly enjoin Apollo and Hexion from further attempting to not comply with the terms to which Hexion had agreed.
We believe these two court rulings will allow the parties to move quickly to consummate the financing and the merger.”
The lawsuit, filed in Montgomery County, Texas, alleges that the Banks were conspiring with Apollo Management, L.P. to interfere with Huntsman's previous merger agreement with Basell, interfere with a later Merger Agreement with Hexion and usurp for their own benefit substantial and valuable rights that belonged to Huntsman.
Huntsman requested temporary and permanent injunctive relief to prevent the Banks from continuing to interfere and thwart Huntsman's rights under the Merger Agreement with Hexion.
This afternoon, District Judge Fred Edwards of the Montgomery County Texas District Court awarded a Temporary Restraining Order in favor of Huntsman.
Judge Edwards found that irreparable harm would result if the Banks were not immediately enjoined from terminating their financing commitment pending a full hearing on Huntsman's request for a temporary injunction.
Accordingly, Judge Edwards ordered that the Banks, among other things, must not take any action that could reasonably be expected to materially impair, delay, terminate, or prevent consummation of the financing contemplated by the agreement between the Banks and Hexion.
Commenting on this latest court victory, Huntsman's President and CEO, Peter R. Huntsman, stated, “We are grateful for decision by Judge Edwards, which comes on the heels of Vice Chancellor Lamb's decision yesterday to similarly enjoin Apollo and Hexion from further attempting to not comply with the terms to which Hexion had agreed.
We believe these two court rulings will allow the parties to move quickly to consummate the financing and the merger.”
Huntsman Corporation
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