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Markets :: Basic Chemicals :: Inorganic Chemicals :: Titanium Dioxide

Huntsman Drops Bid for Tronox Assets as Court Approves Bondholder Deal

11:21 AM MST | December 24, 2009 | Lindsey Bewley

Tronox has received an interim order from the U.S. Bankruptcy Court for the Southern District of New York authorizing the company to replace its existing senior secured financing and an order to enter into certain agreements as part of a restructuring transaction. Tronox’s alternative transaction is sponsored by an ad hoc group of its unsecured bondholders. The company also served Huntsman with a notice of termination of its “stalking horse” agreement. A stalking-horse bid is a binding offer made for a bankrupt company’s assets, but...

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