NEW YORK, Jan 11 (Reuters) - Chemical company Tronox Inc is set to file for Chapter 11 bankruptcy protection in New York as early as Sunday night, according to a source familiar with the situation.
The source spoke on the condition of anonymity since the source was not authorized to speak on the matter.
The Oklahoma City-based producer of titanium dioxide pigment used in paint, plastics and paper is expected to file for bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York in Manhattan, according to the source.
Tronox will receive about $125 million in debtor-in-possession financing from Credit Suisse and others, the source said.
The company, which has struggled to pay heavy environmental costs inherited from its spin-off from Kerr McGee in 2006, is expected to continue operations as usual while under Chapter 11 protection from creditors, said the source.
The company was not available to comment.
(Reporting by Chelsea Emery; Editing by Bernard Orr) Keywords: TRONOX/BANKRUPTCY (chelsea.emery@thomsonreuters.com; +1 646 223 6000; Reuters Messaging: chelsea.emery.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The source spoke on the condition of anonymity since the source was not authorized to speak on the matter.
The Oklahoma City-based producer of titanium dioxide pigment used in paint, plastics and paper is expected to file for bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York in Manhattan, according to the source.
Tronox will receive about $125 million in debtor-in-possession financing from Credit Suisse and others, the source said.
The company, which has struggled to pay heavy environmental costs inherited from its spin-off from Kerr McGee in 2006, is expected to continue operations as usual while under Chapter 11 protection from creditors, said the source.
The company was not available to comment.
(Reporting by Chelsea Emery; Editing by Bernard Orr) Keywords: TRONOX/BANKRUPTCY (chelsea.emery@thomsonreuters.com; +1 646 223 6000; Reuters Messaging: chelsea.emery.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.