Tronox gets OK to consent to deregistration of class B common stock

By Lisa Kerner

Charlotte, N.C., Jan. 18 - Tronox Inc. was granted court approval on Jan. 18 to consent to the deregistration of its class B common stock in connection with Securities and Exchange Commission filing violations, according to a filing with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the Office of Enforcement Liaison in the SEC's Division of Corporate Finance notified Tronox on May 21, 2010 that it was delinquent on its filing obligations under section 13(a) of the Exchange Act.

Tronox, according to the liaison, had not filed any periodic reports with the commission since the period ended Sept. 30, 2008.

Based on the company's discussions with the enforcement office, Tronox's board of directors agreed to consent to the SEC staff's proposed order to deregister the class B common stock.

Under the company's plan of reorganization, which was confirmed by the bankruptcy court on Nov. 30, Tronox's existing common shares will be cancelled, and shareholders will receive new warrants to purchase common stock in the reorganized company.

The consent will not impact the shareholders.

Tronox, an Oklahoma City-based producer and marketer of titanium dioxide pigment, filed for bankruptcy on Jan. 12, 2009. Its Chapter 11 case number is 09-10156.

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