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

Pic: Shutterstock

Apparel/Garments | On 29th Oct 2020

Bangladesh restored 40% of cancelled RMG orders: minister

Bangladesh foreign minister AK Abdul Momen recently said the...

Pic: Shutterstock

Textiles | On 29th Oct 2020

Uzbek trade body, Indonesian textile firm mull cooperation

Representatives of the Uzbekistan Textile and Garment Industry...

Pic: Shutterstock

Textiles | On 29th Oct 2020

PRC unofficially boycotts Australian cotton, imports halt

All cotton exports by Australia to China have reportedly stopped...

Interviews View All

Smarth Bansal, Colorjet India Limited

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Textile industry, Head honchos

Textile industry
Head honchos

South India has a very strong manufacturing base

Siddharth Biyani, Mangalam Industries Pvt Ltd

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Ismail Ajani,

Ismail Ajani

Hollywood Footwear’s story began in 1946 when Jummabhai Ajani started the...

Awanda Booth,

Awanda Booth

Held every year in New York City, Surtex is a global business-to-business...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Shlomzion Chen, Seevix

Shlomzion Chen
Seevix

Seevix Material Sciences Ltd, which develops and manufactures synthetic...

Johan Berlin, Investkonsult Sweden AB

Johan Berlin
Investkonsult Sweden AB

Investkonsult Sweden AB are consultants in the nonwoven and absorbent...

Priya Somaiya, Usha Social Services

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

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

Leave your Comments


October 2020

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


Advanced Search