Question-and-Answer Session
Operator
(Operator Instructions). Our first question comes from Frank Mitsch with BB&T Capital Markets.
Frank Mitsch - BB&T Capital Markets
Good morning, gentlemen. I must say I'm honored to be asking the first question on a Huntsman call in about a year or so.
Peter Huntsman
Two years actually.
Frank Mitsch - BB&T Capital Markets
Time flies when you're having fun, folks. Peter, I was struck by the use of the term "prosper." As I look at these three expectations for '09, it's not even calling for a dime in earnings for the year. Can you add some flesh behind why you believe Huntsman will prosper and what might that mean in terms of financial performance?
Peter Huntsman
Frank, again, it's nice to hear from you and we look forward to seeing you here throughout the year. Look, 2009 is going to be a very challenging year. But I look at the company, we are in the process of working with insurance companies to collect another $200 million of insurance claims throughout the year. We have a multibillion dollar case against Credit Suisse and Deutsche Bank, and we would expect to be victorious there.
We're in the process of cutting $150 million of costs out of our business. I think that this industry is going to go through a tremendous shakeup in 2009. I believe that you'll kind of see three buckets, if you will, of companies that come out of the backend of these challenging times. I think you'll see a group of companies that plainly just don't make it, that fall by the wayside, go through bankruptcy or do some form of liquidation.
I think you'll see a second group of companies that will have to go through some massive transformation, selling off assets and so forth in order to survive. I think that there will be a third group of companies, which I believe Huntsman will be part of, that will be part of some industry consolidation that will be taking place, we'll have an opportunity while many of our competitors are going through some very dire times here, perhaps even struggling with bankruptcy over 2009 to stay focused on our business. Our liquidity is strong and I think that we are going to come out of 2009 a stronger company than when we went into 2009.
I'm not in denial here. This is just going to be a tough and challenging year. But at the same time, I believe that this company has a number of opportunities that are unique to Huntsman that will provide value throughout the year and better position us to create value for our shareholders.
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