Tronox and Norah Jones other chemical makers have been hit

Tronox and relates Norah Jones other chemical nora jones gathers makers have been hit by a majordecline in demand from the automotive and constructionindustries in the deepening global recession Last week, the U.S. operations of LyondellBasell, theworld's third-largest petrochemical company, filed forbankruptcy protection under the weight of massive debt anddeclining demand. "After careful evaluation of all strategic alternatives, wehave concluded that a Chapter 11 filing is the best way toaddress the company's debt, in particular its legacyliabilities," Chief Executive Dennis Wanlass said in astatement. The company, based in Oklahoma City, said it had takensteps to ensure a supply of goods and services to itscustomers, and had a commitment for up to $125 million in newdebtor-in-possession financing from its existing lending groupled by Credit Suisse (CSGN.VX). Companies use DIP financing to help them fund operationswhile they restructure debt.

Tronox said it would use the financing to pay vendors forall goods and services provided after the filing date norah jones dvd . The company said the filing did not include non-U.S.operations in Australia, Germany and the Netherlands norah jones "american anthem . Thecompany employs about 1,845 people, with almost 1,000 of thosein the United States i've got to see you again norah . Tronox expects to receive approval to continue to payemployees as part of the bankruptcy court's "first day" orders,it said here we go again norah . LEGACY COSTS Tronox said it had been required to incur the legacyliabilities, including environmental remediation and litigationcosts, when it was spun off by Kerr-McGee Corp in 2006. According to Tronox's court filings, prior to the spin-offKerr-McGee isolated most of its liabilities from its formerdiscontinued operations into its chemical business, regardlessof their source.

Prior to the spin-off, Kerr-McGee tried to sell thechemical business, but potential buyers were concerned aboutthe legacy liabilities that would be included, Tronox said . Tronox maintains that the legacy liabilities it hasshouldered are almost entirely unrelated to its core titaniumdioxide operations be here to love me norah . The bulk of the liabilities relate to environmentalremediation, lawsuits relating to alleged hazardous releasesand pension obligations for former Kerr-McGee employees whoonce worked for the legacy businesses more than this norah . At the time of the spin-off, Kerr-McGee provided Tronoxwith up to $100 million indemnity for legacy environmentalliabilities . Since its spin-off, Tronox said it has spent $118million to meet legacy liability obligations. A few months after spinning off Tronox, Kerr-McGee wasacquired by Anadarko Petroleum (APC.N). Anadarko has admittedit could be financially responsible for some legacy liabilitiesshould Tronox fail.