Tronox Incorporated filed for bankruptcy in Jan. 2009, and emerged from bankruptcy in Feb. 2011. As part of the bankruptcy proceedings, the company, along with the United States Government, filed suit against Kerr-McGee for its fraudulent transfer of billions of dollars of pre-existing environmental and tort liabilities.
As part of its restructuring, Tronox settled the environmental claims of the U.S. and numerous state and local governmental agencies by contributing more than $300 million in cash and assets and the rights to any recovery in the suit against Kerr-McGee to numerous environmental and tort trusts established to resolve the outstanding legacy matters.
The bankruptcy settlement, including the transfer of the lawsuit to the trusts, allowed Tronox to emerge from bankruptcy as a reorganized company, free of these legacy liabilities, and to become a global leader in the mining and processing of titanium ore and other important minerals and the production of titanium dioxide, a pigment used in everyday life by consumers and industries around the world. We are steadfastly committed to environmental stewardship and sustainability in all aspects of our business operations.
For more information about Tronox, visit http://www.tronox.com.Forward Looking Statements Statements in this release that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon management's current beliefs and expectations and are subject to uncertainty and changes in circumstances and contain words such as "believe," "intended," "expect," and "anticipate" and include statements about expectations for future results including revenues. The forward-looking statements involve risks that may affect the company's operations, markets, products, services, prices and other risk factors discussed in the company's filings with the Securities and Exchange Commission (SEC), including those under the heading entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2012. Significant risks and uncertainties may relate to, but are not limited to, our ability to integrate the recently acquired mineral sands business including achieving the expected cost savings; financial, economic, competitive, environmental, political, legal regulatory and technological factors including, our access to unrestricted cash, compliance with our bank facility covenants, the price of our shares, general market conditions, our customers potentially reducing their demand for our products due to, among other things, the economic downturn, more competitive pricing from our competitors, increased supply from our competitors; operating efficiencies and other benefits expected. Unless otherwise required by applicable laws, the company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information or future developments. Media Contact: Bud Grebey firstname.lastname@example.orgDirect: +1.203.705.3721 Investor Contact: Brennen ArndtDirect: +1.203.705.3722 SOURCE Tronox Limited