Tronox Inc. reorganization delayed while its plan is reviewed
Tronox Inc. is scheduled to provide an update on its reorganization plan to emerge from bankruptcy today.
A hearing on the reorganization plan for Oklahoma City-based Tronox Inc. has been delayed until Sept. 16, according to a filing in federal bankruptcy court.
According to court filings, Tronox is scheduled to provide the bankruptcy court an update today on its reorganization plan. Previously, today's hearing was scheduled to consider approval of the reorganization plan and to establish a date and procedures for a vote on the plan.
Tronox, the world's third-largest producer of the whitening pigment titanium dioxide, filed for bankruptcy in January 2009.
Last month, the company filed a reorganization plan designed to allow the company to emerge "as a going concern," CEO Dennis Wanlass said at the time.
The plan proposes the establishment of government trusts to settle the company's environmental remediation responsibilities. The trusts would be funded with up to $145 million, plus 88 percent of Tronox's interest in a 2009 lawsuit filed against Kerr-McGee and Anadarko Petroleum, which bought Kerr-McGee in 2006.
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