In Bankruptcy In The News, Blog, Chapter 11 Bankruptcy

It has been reported that $170 million will be raised by offering 78% of the company’s stock in the reorganized company.  Holders of more than 58% of unsecured notes and other creditors have agreed to purchase stock that isn’t being sold in the offering.  This stock is available to unsecured creditors with claims of more than $25,000.

The company’s legal team wrote the new proposal will, “pave the way for Tronox to confirm a plan of reorganization that — after months of hard-fought negotiations — embodies a comprehensive settlement of complex issues among Tronox’s creditors.”

In 2009, the company which is based in Oklahoma City, filed for bankruptcy.  It reached agreements in August to increase exit financing by $90 million, giving it $468 million in debt upon emergence from Chapter 11.  This month, the U.S. government and state environmental agencies also resolved lawsuits with Tromox.

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