Home / Knowledge / News / Textiles / Huntsman Pigments to buy Tronox
Huntsman Pigments to buy Tronox
31
Aug '09
Tronox Incorporated announced that it and certain of its subsidiaries signed a "stalking horse" asset and equity purchase agreement with Huntsman Pigments LLC, a whollyowned subsidiary of Huntsman Corporation, and Huntsman Corporation for the sale of certain of its operating assets, including:

• Titanium dioxide facilities in The Netherlands and the United States, excluding its facility in Savannah, Georgia;
• A 50% joint venture interest in the Western Australian titanium dioxide, mine and beneficiating operations; and
• Electrolytic production facilities in the United States

Huntsman's stalking horse bid provides for sales proceeds of $415 million (which are subject to certain adjustments), is a binding offer to acquire selected assets of Tronox and will serve as the minimum floor bid for an auction process to be conducted pursuant to section 363 of the U.S. Bankruptcy Code. The agreement will be submitted for approval to the United States Bankruptcy Court for the Southern District of New York. Other potential buyers may submit competing bids for Tronox's assets leading up to the auction, which auction will likely take place in the fourth quarter of 2009.

"We are very pleased to have successfully met the commitment to our debtorinpossession lenders to enter into a stalking horse purchase agreement by August 30, 2009. We believe that this asset and equity purchase agreement provides a solid foundation from which we can maximize the value of our assets through the section 363 auction process later this year," said Dennis Wanlass, Chairman and Chief Executive Officer of Tronox Incorporated.

On January 12, 2009, Tronox Incorporated and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court for the Southern District of New York. As part of Tronox's debtorinpossession financing, Tronox agreed to enter into a section 363 asset sale process.

Such process involves obtaining a stalking horse bid, a binding proposal for a bankrupt company's assets from an interested buyer chosen by the bankrupt company, which binding proposal must be approved by the bankruptcy court as sufficient to serve as a minimum floor bid for the auction process. After the stalking horse bid is approved by the bankruptcy court, other potential buyers may submit competing bids for the bankrupt company's assets at an auction. If Huntsman wins the auction and is approved by the United States Bankruptcy Court for the Southern District of New York as the buyer, then Huntsman's consummation of the proposed acquisition of the operating assets of Tronox as agreed remains subject to customary antitrust and other regulatory approvals and certain other customary closing conditions.

Tronox Incorporated


Must ReadView All

Courtesy: Pexels

Fashion | On 23rd Jun 2018

Nigerian bank launches N1 bn fund for fashion entrepreneur

Nigeria’s Bank of Industry has set aside 1 billion Naira (N) to...

Courtesy: Tayal

Textiles | On 23rd Jun 2018

Tayal textile factory in Algeria starts exports to Turkey

Algeria’s largest textile factory, the joint Algerian-Turkish company ...

Courtesy: Manhattan Beachwear

Fashion | On 23rd Jun 2018

Manhattan Beachwear in global partnership with BCBG Group

Manhattan Beachwear, the largest swimwear manufacturer in the US, has ...

Interviews View All

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search