UPDATE 1-Hexion Q4 net loss narrows; sales drop

* Q4 net loss $6 mln vs. year-ago $921 mln

* Revenue falls 7.6 percent

By Ernest Scheyder

NEW YORK, March 9 (BestGrowthStock) – Privately held Hexion
Specialty Chemicals Inc said on Tuesday its fourth-quarter net
loss narrowed sharply, helped in part by falling costs and
improving volume.

For the period, the company posted a net loss of $6 million
compared with $921 million in the year-ago period.

The year-ago period includes a one-time charge of $800
million the company paid to Huntsman Corp (HUN.N: ) as part of a
settlement to cancel its plans to acquire that company.

Hexion said its asset impairment costs and business
realignment costs fell during the period.

Revenue decreased 7.6 percent to $1.09 billion.

The company said raw material prices were lower and that
volume jumped 5 percent. Volume is the physical amount of
product sold.

Hexion is owned by Apollo Management LP, a private equity
firm that also owns the Harrah’s casino chain and Norwegian
Cruise Lines.

The company said earlier this year it wanted to extend some
of its term loans until May 2015 and issue $700 million in
senior notes. [ID: nSGE60B0GI]

Stock Market Research

(Reporting by Ernest Scheyder, editing by Dave Zimmerman)

UPDATE 1-Hexion Q4 net loss narrows; sales drop