With the action, Huntsman assumes full operational and financial control of the business, a producer of polyurethanes, and has renamed it Huntsman Advanced Materials. The business will be operated as part of Huntsman's Polyurethanes and Specialties Division.

The restructuring, which involved the exchange of a significant amount of debt for equity and the infusion of cash into the business, restores the business's balance sheet to full health, Huntsman said. The initiative gives MatlinPatterson and Huntsman approximately 90% ownership of the business. Various stakeholders own the remaining 10%.