Tronox Details Plan to Settle Liabilities as Part of Chapter 11 Exit
10:48 AM MDT | August 30, 2010 | Lindsey Bewley
Tronox says its key creditor stakeholders have agreed on the framework for an amended plan of reorganization that will settle the company’s legacy environmental and tort liabilities and allow it to emerge from Chapter 11 bankruptcy protection. Tort claimants, who have asserted claims related to potential asbestos, benzene, creosote and other liabilities, will recover from the newly created trusts to which Tronox will contribute $12.5 million in cash, 12% of Tronox’s interest in the Anadarko Litigation, and insurance assets worth at least $4 million....
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