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Saturday, May 01, 2010 1:16:50 AM
http://tronoxequity.blogspot.com/2010/04/tronox-reaches-settlement-with-doe-on.html
According to an April 30, 2010 bankruptcy court filing, Tronox is seeking approval of a Settlement Agreement with the United States regarding the scope of remediation work at certain sites in and around West Chicago, Illinois. In addition, it also seeks to end a longstanding dispute over Tronox’s right to reimbursement from the Department of Energy (DOE) for past remediation expenditures at the West Chicago sites. Under the terms of the proposed Settlement Agreement, the United States will release into an escrow account, over $25 million in past due reimbursement for remediation costs incurred by Tronox at the West Chicago sites prior to 2009. These funds had been placed on administrative hold by the DOE because it had taken the stance that it could setoff the $25 million against the pre-petition amounts owed them by Tronox.
In short, under the terms of the settlement, Tronox gains access to a pool of funds it was uncertain to receive that are now available to cover costs it is required to incur in the immediate term. The settlement allows the Company to continue required remediation efforts without impairing its liquidity position or impacting upon its working capital.
Also as part of the settlement, the United States has directed Tronox to begin costly remediation work at the West Chicago sites. Under the terms, Tronox would undertake remediation efforts without any guarantee of DOE reimbursement for past or future work at the sites.
Any part of the $25 million remaining in the escrow account following Tronox’s emergence from bankruptcy will be turned over to a trust, to be formed pursuant to Tronox’s plan of reorganization, which will perform, manage and implement remediation activities at the West Chicago sites going forward. Tronox will also transfer to that trust all right, title and interest in any future DOE reimbursements to which Tronox may be entitled for remediation work performed at the West Chicago sites during and after 2009, including pursuant to the Settlement Agreement.
According to the related court filing (linked below) the bankruptcy plan term sheet calls for Tronox to contribute $115 million to certain custodial trusts, which will be allocated by the United States to fund urgent remediation at sites across the country. The $25 million obtained through the above referenced Settlement Agreement is supplemental and will not reduce the $115 million allocable to the custodial trusts pursuant to the plan term sheet.
Link to related court filing:
http://www.kccllc.net/documents/0910156/0910156100430000000000005.pdf
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