Tronox Incorporated has successfully emerged from its Chapter 11
proceedings.
"Our emergence from bankruptcy and our new capital structure is a
significant accomplishment and makes Tronox a much stronger
company for the benefit of our stakeholders, including our
customers, vendors, employees, joint venture partner and
shareholders," said Dennis L. Wanlass, Chief Executive Officer of
Tronox. "We have successfully restructured our balance sheet
while maintaining our business relationships and significantly
improving our operating performance." Having addressed its
substantial legacy environmental and other liabilities through a
comprehensive settlement, Tronox is now well-positioned to compete
in the titanium dioxide and specialty chemical industries.
Wanlass added: "We emerge with a portfolio of world class
titanium dioxide and mineral sands assets and our electrolytic
business units strategically positioned to provide our customers
around the globe with a reliable supply of high quality products
and services. On behalf of the management team, I would like to
thank the Tronox and Tiwest joint venture employees worldwide for
their hard work and dedication throughout this process, and our
customers and suppliers for their continued support."
About Tronox Inc.
Tronox Inc., aka New-Co Chemical, Inc., and 14 other affiliates
filed for Chapter 11 protection on January 13, 2009 (Bankr.
S.D.N.Y. Case No. 09-10156). The case is before Hon. Allan L.
Gropper. Richard M. Cieri, Esq., Jonathan S. Henes, Esq., and
Colin M. Adams, Esq., at Kirkland & Ellis LLP in New York,
represent the Debtors. The Debtors also tapped Togut, Segal &
Segal LLP as conflicts counsel; Rothschild Inc. as investment
bankers; Alvarez & Marsal North America LLC, as restructuring
consultants; and Kurtzman Carson Consultants serves as notice and
claims agent.
An official committee of unsecured creditors and an official
committee of equity security holders were appointed in the cases.
The Creditors Committee retained Paul, Weiss, Rifkind, Wharton &
Garrison LLP as counsel.
Until September 30, 2008, Tronox was publicly traded on the New
York Stock Exchange under the symbols TRX and TRX.B. Since then,
Tronox has traded on the Over the Counter Bulletin Board under the
symbols TROX.A.PK and TROX.B.PK. As of December 31, 2008, Tronox
had 19,107,367 outstanding shares of class A common stock and
22,889,431 outstanding shares of class B common stock.
On November 17, 2010, the Bankruptcy Court confirmed the Debtors'
First Amended Joint Plan of Reorganization under Chapter 11 of the
Bankruptcy Code, dated November 5, 2010. Under the Plan, Tronox
reorganized around its existing operating businesses, including
its facilities at Oklahoma City, Oklahoma; Hamilton, Mississippi;
Henderson, Nevada; Botlek, The Netherlands and Kwinana, Australia.
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