Tronox secures interim OK of $100 million interim DIP financing; final hearing set for Feb. 6

By Caroline Salls

Pittsburgh, Jan. 13 - Tronox Inc. received interim court approval to use $100 million of its $125 million debtor-in-possession facility from its existing lender group, led by Credit Suisse, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The final hearing is scheduled for Feb. 6.

The DIP loan includes a $10 million letter-of-credit subfacility.

Tronox said the financing will provide it with ample liquidity to continue operations as usual during the restructuring process, as the company will use the financing to pay vendors for all goods and services provided after the filing date.

The DIP facility will mature 364 days after the bankruptcy filing date.

Interest will be Libor plus 950 basis points.

Tronox, an Oklahoma City-based producer and marketer of titanium dioxide pigment, filed for bankruptcy on Jan. 12. Its Chapter 11 case number is 09-10156.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.