Tronox Wins Approval For $185M Plan Backstop Deal

Law360, New York (September 17, 2010, 3:29 PM EDT) -- A judge has allowed bankrupt pigment maker Tronox Inc. to enter into a $185 million equity funding deal with noteholders to help pave the way for the company’s exit from Chapter 11, despite objections from existing shareholders who have lodged a competing offer.

Judge Allan L. Gropper approved the company’s plan support and equity commitment motion Friday in the U.S. Bankruptcy Court for the Southern District of New York with the understanding that the shareholders could still present their alternative deal in a hearing next week....
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