Tronox Says $5M Deal Paves Way For Ch. 11 Exit

Law360, New York (February 23, 2010, 7:01 PM EST) -- Bankrupt Tronox Inc. has freed up $5 million being held in escrow by its lenders following approval of a settlement among the chemical company, its unsecured creditors and Credit Suisse AG, the lenders' agent.

Judge Allan Gropper of the U.S. Bankruptcy Court for the Southern District of New York signed off on the pact Tuesday, determining that the relief requested was in the best interest of Tronox's estates, its creditors and all parties of interest.

Under the settlement the $5 million will be released to the...
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