Leading titanium dioxide pigment manufacturer Tronox (Oklahoma City, Oklahoma / USA; www.tronox.com) has filed a reorganisation plan with the US bankruptcy court tasked with overseeing the company’s affairs while it operates under Chapter 11 creditor protection – for more details, see Plasteurope.com of 14.01.2009.

Still subject to approval from stakeholders, the bankruptcy court and closing conditions, the plan foresees the establishment of government trusts responsible for environmental remediation at Tronox’s American sites. These organisations will receive a package of consideration of up to USD 145m in cash, 88% of Tronox’s interest in the pending cases against Anadarko Petroleum Corporation and Kerr-McGee Corporation, preferred stock and warrants convertible to common equity of a reorganised Tronox as well as other properties and assets. The plan also provides for other tort claims to be satisfied by means of separate trusts funded with 12% of the Anadarko proceeds, USD 7m in cash and certain insurance assets. In addition, general unsecured claims are to receive all the primary common equity of a reorganised Tronox.

Tronox CEO Dennis Wanlass called the plan “a key milestone”, adding that it “contains the elements necessary to achieve a consensual settlement of our environmental and other legacy liabilities”. The hearing to approve the disclosure statement that explains the plan has been scheduled for 5 August 2010.