Tronox Defends Stalking Horse Amid Creditor Protests

Law360, New York (September 16, 2009, 2:15 PM EDT) -- Bankrupt pigment producer Tronox Inc. has defended its proposed stalking horse agreement with chemical manufacturer Huntsman Corp., saying the roughly $15 million in incentives that elicited objections from creditors is critical to keeping the deal alive.

The agreement, which proposes selling the bulk of Tronox's assets to Huntsman for $415 million, includes $12.45 million in breakup fees and as much as $3 million in expense reimbursements to be paid if Tronox backs out of the purchase in favor of a higher bid, or decides to reorganize...
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