Issue Date: February 21, 2011
Tronox Emerges From Bankruptcy
Titanium dioxide maker Tronox has emerged from bankruptcy. The Oklahoma City-based company, which was spun off from the oil exploration firm Kerr-McGee in 2005, filed for Chapter 11 in January 2009 because of environmental legacies and poor business conditions. Later that year, Huntsman Corp. made a failed attempt to buy Tronox plants in the bankruptcy process. Tronox common stock will go to Tronox’ lenders. Some of its previous shareholders are entitled to warrants that will allow them to buy stock at fixed prices. The company says it is planning a future listing on a stock exchange but must first sort out environmental liabilities.
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