Tronox secures preliminary approval for reorganization plan

08/30/2010 | ICIS News (U.K.)

Bankrupt chemical maker Tronox has garnered Department of Justice approval for its amended reorganization plan, which would settle the firm's tort and environmental liabilities while allowing the government to receive $270 million in cash plus other assets held by the company. Tronox plans to revamp its business operations and raise funds from creditors and shareholders. A federal bankruptcy court is expected to give approval Sept. 16.

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