Mississippi Chemical gets extension from DIP lenders to Sept. 24 to file plan

By Jeff Pines

Washington, Aug. 25 - Mississippi Chemical Corp.'s debtor-in-possession lenders extended the company's time to file its reorganization plan to Sept. 24 instead of Aug. 23, the company reported in a Wednesday filing with the Securities and Exchange Commission.

Citicorp North America Inc. is the administrative agent for the lenders, and Citigroup Global Markets Inc. and Perry Principals Investments LLC are joint lead arrangers for the facility.

Terra Industries plans to acquire the Yazoo City, Miss.-based chemical company for $268 million, subject to adjustment.

Sioux City, Iowa-based Terra and Mississippi Chemical have previously said they will reduce the amount of the term loan to $125 million from $160 million.

Mississippi Chemical filed for bankruptcy on May 16, 2003 with the U.S. Bankruptcy Court for the Southern District of Mississippi. Its Chapter 11 case number is 03-02984.

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