乐天堂fun88(中国区)官方网站 Continues Legal Victories
Court Enjoins Banks and Sets Jury Trial Date for February 9
THE WOODLANDS, Texas, Oct. 13 /PRNewswire-FirstCall/ -- 乐天堂fun88(中国区)官方网站 Corporation (NYSE: HUN) announced that it has achieved another major victory in its ongoing legal effort to consummate the pending merger with Hexion Specialty Chemicals, Inc.
乐天堂fun88(中国区)官方网站 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 乐天堂fun88(中国区)官方网站 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 乐天堂fun88(中国区)官方网站.
In a subsequent hearing begun last Wednesday and completed earlier today, in which counsel for the Banks contested 乐天堂fun88(中国区)官方网站'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/乐天堂fun88(中国区)官方网站 entity would be insolvent, or that the combined entity would not be able to pay its debts when due.
Accordingly, Judge Edwards granted 乐天堂fun88(中国区)官方网站'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, 乐天堂fun88(中国区)官方网站's President and CEO, Peter R. 乐天堂fun88(中国区)官方网站, stated, "Two courts have now ruled in 乐天堂fun88(中国区)官方网站'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 乐天堂fun88(中国区)官方网站."
Jon M. 乐天堂fun88(中国区)官方网站, Founder and Chairman, stated, "Today's decision by Judge Edwards confirms our great faith in the American judicial system."
Judge Edwards also consolidated 乐天堂fun88(中国区)官方网站's claims against the Banks with 乐天堂fun88(中国区)官方网站'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 乐天堂fun88(中国区)官方网站's claims for damages. 乐天堂fun88(中国区)官方网站 seeks more than $3 billion in actual damages, plus exemplary damages, attorneys' fees and interest.
About 乐天堂fun88(中国区)官方网站:
乐天堂fun88(中国区)官方网站 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, 乐天堂fun88(中国区)官方网站 today has 13,000 employees and operates from multiple locations worldwide. The Company had 2007 revenues of approximately $10 billion. For more information about 乐天堂fun88(中国区)官方网站, please visit the company's website at .
Forward-Looking Statements:
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 乐天堂fun88(中国区)官方网站 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 乐天堂fun88(中国区)官方网站 Corporation
Released October 13, 2008