Bankrupt U.S. chemicals company Chemtura Corp has asked a judge to approve $1.025 billion in bankruptcy exit financing to help the company fund operations after it emerges from Chapter 11 protection, according to court documents.

The specialty chemicals maker is urging speed, saying it wants to lock in the agreements now to take advantage of favorable high-yield debt markets and move ahead of the September Labor Day holiday, when financial markets are closed.

"Even a short delay in the pricing and funding of the notes and term loan could result in long-term financing costs to the reorganized debtors," said Chemtura in court documents filed late on Friday.

Chemtura, which makes chemicals for crop protection and spa care, said the agreements include a $275 million asset-based revolving credit facility and $750 million of senior notes or term loan, or some combination of the two.

Banc of America Securities and Wells Fargo Finance are named as the joint lead arrangers for the revolving credit facility. Term loan joint lead arrangers are Banc of America, Wells Fargo and Citigroup Global Markets.

Chemtura has agreed to sell the senior notes to a group of initial purchasers which include Citigroup, Banc of America Barclays Capital and Goldman Sachs.

The company filed for bankruptcy last year after a global decline in demand for chemicals.

The company has proposed a hearing to confirm its plan of reorganization on Sept. 16 and expects the plan to be effective before Sept. 30.