Tronox Creditors Target JPMorgan Over Spinoff Debt

Law360, New York (July 27, 2009, 1:35 PM EDT) -- Tronox Inc.'s unsecured creditors have filed an adversary suit against a number of banks — including JPMorgan Chase NA, Societe Generale SA and Citibank NA — involved in a secured debt facility related to the chemical company's 2006 spinoff from Kerr-McGee Corp., which left Tronox saddled with massive environmental liabilities.

Tronox's official committee of unsecured creditors filed its adversary complaint in the U.S. Bankruptcy Court for the Southern District of New York on Friday, targeting numerous prepetition lenders over a November 2005 secured debt facility under...
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