Tronox Wins Green Light For Disclosure Statement

Law360, New York (September 24, 2010, 6:46 PM EDT) -- A federal judge has allowed bankrupt Tronox Inc. to move forward with its plan to exit Chapter 11 protection by exchanging billions of dollars in environmental and tort liabilities for asset packages that include potential proceeds from a lawsuit against Anadarko Petroleum Corp.

Judge Allan L. Gropper approved a disclosure statement for the company’s Chapter 11 plan on Thursday in the U.S. Bankruptcy Court for the Southern District of New York, allowing Tronox to proceed with solicitation of creditor votes on its plan.

The proposal calls...
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