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 10th Dec 2016

India’s 2016-17 cotton import to touch 17 lakh bales

The import of cotton from international markets by spinning mills in...

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Textiles | On 10th Dec 2016

Indian textile hubs adopt cashless payment modes

The textile ministry is promoting cashless payment within the...

Interviews View All

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Silke Brand-Kirsch
Schlegel und Partner

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

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search