A US court has approved Chemtura Corporation's reorganisation plan, which will allow the company to exit bankruptcy protection.
The US Bankruptcy Court in Manhattan approved the plan despite objections from a committee of equity security holders, who claimed that the plan undervalued the company.
Chemtura filed for bankruptcy protection in March 2009 due to a fall in demand for its chemicals.
The reorganisation plan values the company at about $2.05bn, according to Reuters.
However, the equity committee had argued the company could be worth between $2.3bn and $2.6bn.
