Kerr-McGee Seeks Ultimatum On Tronox Spinoff Deal

Law360, New York (July 1, 2010, 2:13 PM EDT) -- Kerr-McGee Corp. has asked a bankruptcy judge to order its former unit Tronox Inc. to either follow the terms of a spinoff contract or officially reject the deal and allow Kerr-McGee to release $96 million it's holding in reserve for environmental liabilities.

Energy company Kerr-McGee and its parent Anadarko Petroleum Corp. moved in the U.S. Bankruptcy Court for the Southern District of New York on Tuesday to compel its bankrupt former unit to assume or reject the master separation agreement.

Tronox, a pigment producer, spun off...
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