Valuation Firm declares Hexion-Huntsman merger solvent
Oct '08
Specifically, American Appraisal found that the combined Hexion-Huntsman company would satisfy all of the solvency tests commonly used in transactions of this nature.
Huntsman's President and CEO, Peter R. Huntsman,
stated, "American Appraisal is a well regarded and highly qualified valuation firm. As Vice Chancellor Lamb noted in his decision following the Delaware trial, Credit Suisse testified during the trial that they are prepared to fund their commitment 'if a compliant solvency certificate can be provided' at the closing. We plan to do so, and with an independent opinion to which no reasonable lender, acting in good faith, could object."
Huntsman expects to request an updated solvency opinion from American Appraisal for delivery on the closing date, to satisfy the condition contained in Hexion's agreement with affiliates of Credit Suisse and Deutsche Bank.
About Huntsman:
Huntsman is a global manufacturer and marketer of differentiated chemicals. Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging.
Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, Huntsman today has 13,000 employees and operates from multiple locations worldwide. The Company had 2007 revenues of approximately $10 billion.
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