Tronox reports financial projections; 9½% noteholders to meet Friday

By Caroline Salls

Pittsburgh, Oct. 14 - Tronox Inc. has released its Dec. 31 projected balance sheet, according to an 8-K filed with the Securities and Exchange Commission.

Tronox said the projections were prepared by its management and are being shared with third parties.

According to the projections, the company will have $563.5 million in current assets and $882.6 million in total debt at Dec. 31, compared with $577.9 million in assets and $889.5 million in debt as of Aug. 31.

In addition, Tronox's projections show that it expects to have $97.3 million in cash at Dec. 31, up from $79.5 million at the end of August.

Tronox said its long-term debt is projected to hold steady at $212.6 million compared to the August numbers, and it will continue to have $54.2 million in debtor-in-possession financing.

The company said it will hold a meeting of holders of its 9½% senior unsecured notes due December 2012 issued by Tronox Worldwide LLC and Tronox Finance Corp. on Friday.

Tronox, an Oklahoma City-based producer and marketer of titanium dioxide pigment, filed for bankruptcy on Jan. 12, 2009 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 09-10156.

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