Tronox's First Quarter Profit Soars After Emergence from Bankruptcy

Tronox reported first-quarter 2011 net income of $641.5 million, compared to $59 million in the year-ago period, on sales up 34%, to $374.4 million. The company emerged from bankruptcy on February 14 and applied fresh start accounting as of February 1, which allowed the company to take a $659.1 million gain in net income due to the discharge of debt and satisfaction of claims and the revaluation of assets and liabilities under fresh start accounting. Adjusted first quarter Ebitda, excluding restructuring expenses, was $92.4 million, up 113%, compared to the...

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