Sherwin asks for court approval to reject suppliers’ contracts

摘要

Sherwin Alumina wants courtapproval to reject existing contracts withCytec Industries and Nalco as the Glencoresubsidiary continues to undergo Chapter 11bankruptcy reorganization, court filings show.In a May 27 filing with the US BankruptcyCourt for the Southern District of Texas inCorpus Christi, Sherwin said its decision toreject the contracts “represents a soundexercise” of its business judgment.Without rejection, the contracts “willimpose ongoing obligations on the debtorsand their estates that will unnecessarilydrain the debtors’ resources,” it added.