Huntsman Corp. (HUN) announced that Tronox Inc. (TRXAQ.PK, TRXBQ.PK) received an interim order from U.S. Bankruptcy Court. Pursuant to order, Tronox to replace its existing senior secured financing and get approval for an alternative transaction to Huntsman's stalking horse bid.
The new alternative transaction is sponsored by an ad hoc group of Tronox's unsecured bondholders, the company said. Tronox delivered notice of termination of stalking horse agreement, under which Huntsman had agreed to buy selected assets and equity interests of Tronox and certain of its subsidiaries.
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