Chemtura Corporation Receives Court Approval of All "First Day" Motions.

Court Grants Interim Approval of $190 Million of Debtor-in-Possession Financing 

Authorizes Continued Payment of Employee Wages and Benefits

U.S. and Worldwide Operations to Continue in the Normal Course of Business

MIDDLEBURY, Conn. -- Chemtura Corporation (Pink Sheets: CEMJQ) today announced the approval by the United States Bankruptcy Court for the Southern District of New York (the "Court") of all of the Company's "first day" motions, allowing for the continuation of normal business operations during the restructuring process.

"The Court's approval is a positive step forward in resolving our financial challenges, solidifying the basis of confidence of our suppliers and customers, and enabling our operations to continue without interruption," said Craig A. Rogerson, Chemtura's Chairman, President and CEO. "It is a significant step forward in our plan to position Chemtura as a strong, viable, and profitable competitor in the specialty chemicals marketplace."

The Court granted Chemtura interim approval to access $190 million of its $400 million Debtor-in-Possession financing ("DIP") from Citibank, N.A., as administrative agent. The DIP, combined with cash from the Company's ongoing operations, will provide Chemtura with financial flexibility to operate its business in the ordinary course, including funding post-petition payments to suppliers and meeting other customary business obligations, during the financial restructuring process.

The Company also announced that it received the Court's approval to, among other things, pay all outstanding employee wages, health benefits, and certain other employee obligations. Additionally, the Company is authorized to continue to honor all of its current customer policies and programs, to ensure the restructuring process will not impact customers.

Chemtura and 26 of its U.S. affiliates filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the Southern District of New York on March 18, 2009. The Chapter 11 cases are being jointly administered under case number 09-11233. Chemtura's non-U.S. subsidiaries were not included in the filing and will not be subject to the requirements of the U.S. Bankruptcy Code.

Additional information is available on Chemtura's Web site, www.chemtura.com. Chemtura has also established a toll-free Restructuring Information Hotline for employees, suppliers, customers, investors and other interested parties, in the United States at 866-967-0261 or internationally at 310-751-2661. For access to Court documents and other general information about the Chapter 11 cases, please visit www.kccllc.net/chemtura.

Chemtura Corporation (Pink Sheets: CEMJQ), with 2008 sales of $3.5 billion, is a global manufacturer and marketer of specialty chemicals, crop protection products, and pool, spa and home care products. Learn more about us on our Web site at www.chemtura.com.

Forward-Looking Statement 

This document includes forward-looking statements within the meaning of Section 27(a) of the Securities Act of 1933 and Section 21(e) of the Exchange Act of 1934. These forward-looking statements are identified by terms and phrases such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will" and similar expressions and include references to assumptions and relate to our future prospects, developments and business strategies.

Factors that could cause our actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to:

* The ability to complete a restructuring of our balance sheet and significantly strengthen our company;

* The ability to have the bankruptcy court approve our DIP facility and other motions required to sustain operations during the Chapter 11 process;

* The uncertainties of the Chapter 11 restructuring process;

* The ability to complete asset(s) sales;

* The ability to reduce our indebtedness levels;

* General economic conditions;

* Significant international operations and interests;

* The ability to obtain increases in selling prices to offset increases in raw material and energy costs;

* The ability to retain sales volumes in the event of increasing selling prices;

* The ability to absorb fixed cost overhead in the event of lower volumes;

* Pension and other post-retirement benefit plan assumptions;

* The ability to successfully complete our restructuring programs and the turnaround of our Polymer Additives segment;

* The ability to obtain growth from demand for petroleum additive, lubricant and agricultural product applications;

* The ability to sustain profitability in our Crop Protection business due to new generic competition and the failure to secure new products and technology. Additionally, the Crop Protection business is dependent on disease and pest conditions, as well as local, regional, regulatory and economic conditions;

* The ability to sell methyl bromide due to regulatory restrictions;

* Changes in weather conditions which could adversely affect the seasonal selling cycles in both our Consumer Products and Crop Protection segments;

* Changes in the availability and/or quality of our energy and raw materials;

* The ability to collect our outstanding receivables;

* Changes in interest rates and foreign currency exchange rates;

* Changes in technology, market demand and customer requirements;

* The enactment of more stringent domestic and international environmental laws and regulations;

* The ability to realize expected cost savings under our restructuring plans, Six Sigma and Lean manufacturing initiatives;

* The ability to recover our deferred tax assets;

* The ability to successfully complete the Company's new SAP platform initiative;

* The ability to support the goodwill related to our business segments; and

* Other risks and uncertainties detailed in Item 1A. Risk Factors or in our filings with the Securities and Exchange Commission.

These statements are based on the Company's estimates and assumptions and on currently available information. The forward-looking statements include information concerning the Company's possible or assumed future results of operations, and the Company's actual results may differ significantly from the results discussed. Forward-looking information is intended to reflect opinions as of the date this press release was issued and such information will not necessarily be updated by the Company.