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Hexion Files Suit against Credit Suisse and Deutsche Bank for Failure to Fund Merger with Huntsman

31 Oct 2008 - Hexion Specialty Chemicals, Inc. announced that it has commenced an action in the Supreme Court of the State of New York against affiliates of Credit Suisse and Deutsche Bank (New York County Index No. 114552/08). Hexion alleges in the suit that the banks breached their obligations under the financing commitment letter to fund the closing of the Hexion-Huntsman merger, and seeks specific performance of the banks’ obligations on an expedited basis.
 
Craig Morrison, Chairman and Chief Executive Officer of Hexion, said "Both Hexion and Huntsman are ready, willing and able to complete the merger immediately, but have been prevented from doing so by the banks' breach. We are seeking judicial relief to compel the banks to fund the merger as required by their commitment letter and we intend to pursue this action vigorously."