Earlier deadlines will not affect close of Huntsman bid - Tronox

17 September 2009 18:05  [Source: ICIS news]

HOUSTON (ICIS news)--Tronox’s shorter deadline for filing its reorganisation plan should not affect the closing of the sale of the company’s titanium dioxide (TiO2) plants to Huntsman or any other bidder, a company spokesman said on Thursday.

The bankrupt US producer had requested the deadline to file its reorganisation plan to be extended from 15 September to 31 March. However, the court’s order on Wednesday extended it only until 15 December.

In the context of the sale of the plants, 15 December is only the date by which Tronox must have the auction and bids completed, spokesman Robert Gibney said.

Closing needs to occur by 31 March, he added.

Tronox’s bidding procedures, which were approved on Wednesday, established a $415m (€282m) bid by Huntsman as the floor for an 8 December auction - in time for the 15 December deadline.

Assuming regulators approve the winning bid at a 10 December sale hearing, such a sale would typically close within 30-45 days, Gibney said. That would allow the company to avoid any potential time crunch.

($1 = €0.68)

For more on TiO2 visit ICIS chemical intelligence
For more on Huntsman visit ICIS company intelligence
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By: Ben DuBose
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