Home / Knowledge / News / Textiles / Bankruptcy Court approves Tronox financing plan
Bankruptcy Court approves Tronox financing plan
24
Dec '09
Huntsman Corporation announced that Tronox Incorporated cancelled the auction scheduled for last Monday in connection with its proposed sale of assets to Huntsman and, received an interim order from the U.S. Bankruptcy Court authorizing Tronox to replace its existing senior secured financing and an order to enter into certain agreements as part of what Tronox describes as a restructuring transaction.

The new alternative transaction is sponsored by an ad hoc group of Tronox's unsecured bondholders. Tronox also delivered to Huntsman a notice of termination of the “stalking horse” agreement with Huntsman and its affiliates, under which Huntsman had agreed to purchase selected assets and equity interests of Tronox and certain of its subsidiaries.

Huntsman had increased its original bid to a value it believes to be in excess of that to be obtained under the ad hoc bondholders' alternative transaction, and was present to participate at Monday's auction had it not been cancelled by Tronox.

Peter Huntsman, President and CEO of Huntsman Corporation, stated, “We continue to believe that our improved bid provided the constituents of Tronox's estate with superior value and protected the interests of Tronox's employees, creditors and other stakeholders. However, Tronox has chosen to go in a different direction, despite the risks and ramifications of the ad hoc bondholders' alternative transaction. While we are disappointed in the result, it became clear that to prevail over the ad hoc bondholders, we would have to overpay for these assets. Ultimately, we chose to exercise the discipline not to do so.”

He added, “While we continue to believe that the combination of these two businesses held great promise, with our strong balance sheet fully intact, we will seek other opportunities to create lasting value for our shareholders.”

Huntsman is a global manufacturer and marketer of differentiated chemicals. Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging.

Tronox Incorporated, the world's third-largest producer and marketer of titanium dioxide pigment, holds a 12% market share and serves customers in 100 countries.

Huntsman International LLC

Must ReadView All

Textiles | On 20th Feb 2017

UK textile & apparel exports up 7.05% in 2016: UKFT

The exports of apparel and textiles from the UK have increased by...

Textiles | On 20th Feb 2017

Himatsingka Seide incorporates subsidiary in Europe

Himatsingka Seide Ltd, one of the largest producers of home textiles...

Courtesy: Green Initiatives

Apparel/Garments | On 20th Feb 2017

Green Initiatives launches Re:Form to end textile waste

Green Initiatives, a non-government institution, has launched...

Interviews View All

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Tony Ward
Tony Ward

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search