Anadarko Pooh-Poohs Tronox Rights Offering

Law360, New York (September 10, 2010, 4:21 PM EDT) -- Anadarko Petroleum Corp. has blasted the bankrupt Tronox Inc.'s newly proposed plan support agreement and its accompanying equity commitment agreement and proposed rights offering, saying the proposals would operate on too fast a timeline to ensure maximum recovery to all creditors.

The oil company, accompanied by subsidiary Kerr-McGee Corp., lodged its objection to Tronox's planned deals in the U.S. Bankruptcy Court for the Southern District of New York on Thursday.

The rights offering procedures unfairly impose an accelerated time frame that strips Class 3 creditors —...
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