Home / Knowledge / News / Textiles / Huntsman continues legal victories
Huntsman continues legal victories
14
Oct '08
Huntsman Corporation announced that it has achieved another major victory in its ongoing legal effort to consummate the pending merger with Hexion Specialty Chemicals, Inc.

Huntsman previously announced that it had 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. On September 30th, District Judge Fred Edwards of the Montgomery County Texas District Court awarded a Temporary Restraining Order in favor of Huntsman.

In a subsequent hearing begun last Wednesday and completed earlier today (13th Oct), in which counsel for the Banks contested Huntsman's right to injunctive relief against the Banks, Judge Edwards again determined that it was appropriate for him to enjoin the Banks, specifically from filing any lawsuit seeking to declare that the combined Hexion/Huntsman entity would be insolvent, or that the combined entity would not be able to pay its debts when due.

Accordingly, Judge Edwards granted Huntsman's request that the TRO, which had been set to expire on October 8, 2008, be replaced with a temporary injunction that will not expire prior to November 1, 2008, unless the merger is closed before such date.

Commenting on this most recent court victory, Huntsman's President and CEO, Peter R. Huntsman, stated, "Two courts have now ruled in Huntsman's favor. We continue to press for consummation of the merger and, in light of today's ruling, we hope the banks will now move forward constructively to live up to their commitment to fund Hexion's acquisition of Huntsman."

Jon M. Huntsman, Founder and Chairman, stated, "Today's decision by Judge Edwards confirms our great faith in the American judicial system."

Judge Edwards also consolidated Huntsman's claims against the Banks with Huntsman's previously filed claims against Apollo Management, L.P., Leon Black and Joshua Harris, and has set a trial date of February 9, 2009, to begin a jury trial on all of Huntsman's claims for damages. Huntsman seeks more than $3 billion in actual damages, plus exemplary damages, attorneys' fees and interest.

Huntsman Corporation

Must ReadView All

Apparel/Garments | On 5th Dec 2016

EC proposes new tax rules to support e-commerce in EU

The European Commission (EC) has unveiled a series of measures to...

Apparel/Garments | On 5th Dec 2016

Traders to intensify adoption of digital payments

Adoption of digital payments in their existing business format would...

Textiles | On 5th Dec 2016

US textile & apparel exports down 6.44% in Jan-Sept ’16

The exports of textile and apparel from United States were down 6.44...

Interviews View All

Rahuul Jashnani
Jashn

‘Online economy has changed the whole dynamics of buying habits.’

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search