Bankrupt Tronox moves auction for TiO2 plants to 21 Dec

04 December 2009 21:56  [Source: ICIS news]

HOUSTON (ICIS news)--Bankrupt titanium dioxide (TiO2) producer Tronox moved the auction of its plants to 21 December, according to court documents filed on Friday.

A sales hearing would be held on 22 December, Tronox said in court documents.

The auction had been previously scheduled for 8 December and the sales hearing for 10 December.

Tronox did not explain why it moved the auction. A company spokesman was not immediately available for comment.

Huntsman has already made a $415m (€274m) stalking-horse bid for most of Tronox's plants.

A stalking-horse bid sets a price floor for the subsequent auction. Huntsman could acquire the plants if no one makes a higher bid and if its offer is approved by the court.

Huntsman was not immediately available for comment.

Huntsman's bid does not include Tronox's TiO2 plant in Savannah, Georgia.

The following lists the Tronox plants included in Huntsman's bid:

Location	Capacity
Hamilton, Mississippi	225,000 tonnes/year
Kwinana, Western Australia*	110,000 tonnes/year
Botlek, the Netherlands	90,000 tonnes/year

*joint venture with Exxaro Resources

($1 = €0.66)

For more on TiO2 visit ICIS chemical intelligence
For more on Huntsman visit ICIS company intelligence
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By: Al Greenwood
+1 713 525 2645

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