Tronox Sues Former Parent Over 'Fraudulent' Spinoff

Law360, New York (May 13, 2009, 12:00 AM EDT) -- Pigment producer Tronox Inc. has sued former parent company Kerr-McGee Corp., alleging that it fraudulently transferred its substantial environmental liabilities onto Tronox while taking the company's assets before spinning it off in 2006, ultimately forcing Tronox into bankruptcy.

The suit, filed Tuesday in the U.S. Bankruptcy Court for the Southern District of New York, accuses chemical company Kerr-McGee of scheming to unload all of its liabilities to make itself more attractive to buyers.

Anadarko Corp., also named as a defendant, bought Kerr-McGee for $18 billion in...
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