Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
NEW YORK (AP) -- Huntsman Corp. says two European banks schemed with a private-equity company to avoid huge losses from a heavily leveraged $6.5 billion buyout of the chemicals maker last year as the credit crisis unfolded.
The Woodlands, Texas-based company's lawyer told a court Monday that Huntsman did not know Credit Suisse and Deutsche Bank were working with private-equity firm Apollo Management, which owned Hexion Specialty Chemicals, to scuttle the deal.
Switzerland-based Credit Suisse and Germany-based Deutsche Bank denied any wrongdoing in a joint statement.
"We are fully confident that we will be vindicated following a trial on the merits, including the issue of the combined company's insolvency," the banks said.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
