THE WOODLANDS, Texas, Jan. 7 /PRNewswire-FirstCall/ -- On December 30,
2008, Huntsman Corporation (NYSE: HUN) announced receipt of the final payment
of the $1 billion in payments made in December by affiliates of Apollo
Management, L.P. ("Apollo") pursuant to a settlement agreement with Huntsman.
Net proceeds from the $1 billion in payments (excluding fees and expenses)
will be used to reduce the company's indebtedness and to increase liquidity.
The company expects the cash tax impact to be minimal.
Huntsman will continue its multi-billion dollar tortious interference
claims against Credit Suisse and Deutsche Bank (the "Banks"). A jury trial on
those claims is set to begin on May 11, 2009, in Montgomery County, Texas.
The company would expect the uses of any proceeds resulting from the
litigation against the Banks to drive shareholder value through debt
reduction, share repurchase or payment of an additional dividend.
Peter R. Huntsman, President and CEO of Huntsman Corporation, stated, "We
begin 2009 with cash in the bank and the objective of bringing Credit Suisse
and Deutsche Bank to justice for the harm they have caused."
In an unrelated matter, Huntsman also recently announced receipt of an
additional payment of $40 million from certain reinsurers relating to an
outstanding insurance claim resulting from the April 29, 2006, fire at its
later divested manufacturing facility in Port Arthur, Texas. Huntsman has,
additionally, claimed approximately $235 million as presently due and owing
and unpaid under its insurance policy for losses caused by the fire. Huntsman
anticipates filing additional claims as well.
Huntsman has filed a motion to dismiss a lawsuit against Apollo and its
affiliates that had been pending in Texas state court in Montgomery County,
Texas. Huntsman's counterclaims against Hexion Specialty Chemicals, Inc.,
Apollo and its affiliates in the Delaware Court of Chancery have been stayed,
pending the filing of a motion by the parties to dismiss all claims and
appeals in Delaware.
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. For more information about
Huntsman, please visit the company's website at www.huntsman.com.
Statements in this release that are not historical are forward-looking
statements. These statements are based on management's current beliefs and
expectations. The forward-looking statements in this release are subject to
uncertainty and changes in circumstances and involve risks and uncertainties
that may affect the company's operations, markets, products, services, prices
and other factors as discussed in the Huntsman companies' filings with the
U.S. Securities and Exchange Commission. Significant risks and uncertainties
may relate to, but are not limited to, financial, economic, competitive,
environmental, political, legal, regulatory and technological factors. In
addition, the completion of any transactions described in this release is
subject to a number of uncertainties and closing will be subject to approvals
and other customary conditions. Accordingly, there can be no assurance that
such transactions will be completed or that the company's expectations will be
realized. The company assumes no obligation to provide revisions to any
forward-looking statements should circumstances change, except as otherwise
required by applicable laws.
SOURCE Huntsman Corporation
CONTACT: media, Russ Stolle, +1-281-719-6624, or investors , Kurt Ogden,
+1-801-584-5959, both for Huntsman Corporation
Web Site: http://www.huntsman.com