Huntsman Corp., Huntsman Polymers to miss coupons, start discussions

New York, Nov. 30 - Huntsman Corp. and its operating subsidiary Huntsman Polymers Corp. said they will not make interest payments due on their bonds on Jan. 1, 2002 and Dec. 1, 2001 respectively.

The companies will also seek discussions with bondholders on restructuring the debt and improving the companies' financial flexibility. Huntsman is being advised by Dresdner Kleinwort

Wasserstein.

Thursday Huntsman announced a bank financing commitment for up to $150 million which, the company said, will "provide additional liquidity to allow Huntsman Corporation and Huntsman Polymers to continue to operate their businesses safely and efficiently, and continue to pay their trade creditors in a timely manner."

Proceeds will be used for operational cash needs and not for payment of interest on the bonds.

The Houston, Texas-based chemical company said that in current industry conditions a restructuring will create a stronger, more competitive business to the benefit of all stakeholders.

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