After nearly two years in bankruptcy, Oklahoma City-based Tronox Inc. is poised to emerge as a reorganized business.
The company’s largest manufacturing facility is in Hamilton in southern Monroe County.
A U.S. Bankruptcy Court confirmed the chemical company’s reorganization plan, clearing the way for Tronox to emerge “in the upcoming weeks,” the company said.
“The court’s confirmation of our restructuring plan is a major milestone for our company and represents the culmination of our restructuring efforts,” Tronox CEO Dennis L. Wanlass said. “We will emerge from the Chapter 11 process well-positioned to compete in the titanium dioxide and specialty chemical industries, having eliminated our significant environmental and other legacy liabilities.”
Tronox filed for bankruptcy protection in January 2009, claiming that its former parent, Kerr-McGee Corp., saddled the company with environmental liabilities unrelated to its chemical business that doomed Tronox to failure. Kerr-McGee spun off Tronox in 2006, five months before Anadarko Petroleum bought Kerr-McGee for $18 billion.
Tronox will reorganize around its existing operating businesses, including facilities in Oklahoma City, Nevada, Mississippi, the Netherlands and Australia. Tronox employs about 900 people, including about 435 people in Monroe County, according to its website.