PBGC Drops $214M Claim Against Tronox

Law360, New York (September 1, 2010, 6:36 PM EDT) -- The Pension Benefit Guaranty Corp. has agreed to drop an approximately $214 million claim against Tronox Inc. because the chemical company plans to maintain its retirement plan upon exiting bankruptcy court protection.

Judge Allan L. Gropper of the U.S. Bankruptcy Court for the Southern District of New York signed off on the stipulation Tuesday.

The PBGC, a federal corporation created under the 1974 Employee Retirement Income Security Act to protect pension funds, filed a $214.3 million claim against Tronox in June 2009.

But the two sides...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.