Legacy Liabilities Send Tronox Into Ch. 11

Law360, New York (January 12, 2009, 12:00 AM EST) -- Pigment producer Tronox Inc. has filed for Chapter 11 bankruptcy protection, citing a liquidity crunch caused in part by a 2006 spinoff that left the company liable for its corporate predecessor's hefty environmental remediation and litigation costs.

On Monday, Tronox and 14 affiliated debtors filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York, listing assets of $1.56 billion and liabilities of $1.22 billion.

In a series of first-day motions the debtors asked the court to approve a $125 million...
To view the full article, register now.