Huntsman to Recover $110 Million in Insurance Settlement Proceeds
May 17, 2010
PRNewswire reports that Huntsman Corporation has reached agreement with its reinsurance carriers to settle Huntsman''s claims related to losses occurring as a result of the April 29, 2006, fire at its Port Arthur, Texas, olefins facility, subsequently sold to Flint Hills Resources. Under the agreement, Huntsman will receive cash proceeds of $110 million in settlement of its claims, which had been the subject of ongoing arbitration with its carriers. Huntsman expects to receive payment within thirty days following the date of the agreement. Huntsman previously collected $365 million in insurance proceeds also related to the 2006 fire.