Home / Knowledge / News / Textiles / Banks back out from funding Huntsman-Hexion deal
Banks back out from funding Huntsman-Hexion deal
31
Oct '08
Huntsman Corporation announced today that Hexion Specialty Chemicals, Inc. informed Huntsman late last night that Hexion had received correspondence from counsel to Credit Suisse and Deutsche Bank that the banks do not believe that the solvency opinion and certificate proposed to be provided meet the condition of the commitment letter and effectively said that as a result the banks do not plan to fund the proposed closing of the merger scheduled for this morning.

Accordingly, Huntsman does not expect the merger to close today. Hexion further informed Huntsman that it is working to resolve the banks' concerns and is still seeking to close the merger. Huntsman will continue to enforce its rights under the Merger Agreement and various court orders and will seek to consummate the merger promptly.

Huntsman Corporation

Must ReadView All

Courtesy: Li & Fung

Textiles | On 24th Mar 2017

Li & Fung forms new supply chain partnership with PVH Corp

Li & Fung Limited, the world's leader in consumer goods design,...

Courtesy: Alizilla

Apparel/Garments | On 24th Mar 2017

Alibaba's eWTP finds first overseas base in Malaysia

In a step towards using the internet to bring small businesses around ...

Textiles | On 24th Mar 2017

BJMC to produce cotton-jute blended denim fabrics

To meet demand from the market, Bangladesh Jute Mills Corporation...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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

news category


Related Categories:
March 2017

March 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search