Tronox Issues Statement on Favorable Ruling in Tronox vs. Anadarko
Tronox Limited (NYSE: TROX) issued the following statement Thursday, in response to the Dec.12, 2013, U.S. federal bankruptcy court ruling in the case Tronox Incorporated vs. Anadarko Petroleum Corp (NYSE: APC).
(In 2005, Tronox was created as a spinoff of the Kerr-McGee Corporation. Kerr-McGee was subsequently acquired by Anadarko Petroleum Corp. Tronox Incorporated is the predecessor company of Tronox Limited.)
Ruling in favor of the plaintiff in Tronox Incorporated vs. Anadarko Petroleum Corporation, the United States Bankruptcy Court for the Southern District of New York found that Kerr-McGee acted with intent to delay and hinder Tronox's creditors when it spun off Tronox Incorporated. The court found Anadarko liable and indicated an ultimate damages award of $14.5 billion, subject to a set off against claims that Anadarko filed as a creditor in Tronox Incorporated's 2009 bankruptcy filing. The value of those claims will be determined following the submission of additional court papers.