Huntsman Corp. said it has completed a financial restructuring that puts its businesses on "firm financial footing" and reduces its debt by approximately $775 million.

Huntsman Corp., Salt Lake City, said it has completed a financial restructuring that puts its businesses on "firm financial footing" and reduces its debt by approximately $775 million. The company said its banks approved a program under which MatlinPatterson Global Opportunities Partners, Huntsman's largest bondholder, agreed to exchange its bonds and make a contribution of certain assets for equity in a newly established holding company that would own the stock of Huntsman and certain debt securities in Huntsman International Holdings. Huntsman also said it has entered into a new revolving credit facility that "greatly enhances its liquidity and provides increased financial flexibility." Huntsman Corp. is reported to be the world's largest privately held chemical company.