Chemours reveals ~$100M Q4 pay delay, ~$260M early receivables; 4 material weaknesses found

Chemours Co

Audit committee review found Q4 2023 vendor payments of up to ~$100M delayed into Q1 2024.
Collection of ~$260M receivables originally due Q1 2024 accelerated into Q4 2023.
Similar actions in Q4 2022: delayed ~$40M payments, accelerated ~$175M receivables.
Three former senior management lacked board transparency; compensation committee used full negative discretion on their awards.
Four material weaknesses in internal controls identified; no material misstatement but immaterial revisions to prior financials; remediation plan in progress.

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