(Reuters) – Bankrupt U.S. chemicals maker Chemtura Corp (CEMJQ.PK) said on Wednesday it has agreed to sell its PVC Additives business to New York-based private equity firm SK Capital Partners.
“The sale will include certain assets, the stock of a European subsidiary and the assumption of certain liabilities,” the company said in a statement.
In court filings, Chemtura said the deal was at about $45 million which included SK Capital Partners assuming liabilities worth at least $34 million.
SK Capital will be the lead or “stalking horse” bidder in a court-approved auction and set the floor for the bidding.
Earlier this month, the Connecticut-based company said it expects to be able to exit bankruptcy protection next summer.
Chemtura, hit by reduced demand, filed for bankruptcy protection in March, listing assets in excess of $3 billion.
The case is In re: Chemtura Corp, U.S. Bankruptcy Court, Southern District of New York, No. 09-11233. (Reporting by Santosh Nadgir in Bangalore; Editing by Maju Samuel)