Tronox

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Titanium dioxide maker Tronox, which filed for bankruptcy a mere 5 months ago, has decided to default yet again (this time in the confines of bankruptcy court), this time on its $125 million DIP which was arranged by Credit Suisse. The reason for the default is Tronox' inability to file audited 2008 financial statements on time. A recent filing explains the reason for the default:

Titanium dioxide maker Tronox, which filed for bankruptcy a mere 5 months ago, has decided to default yet again (this time in the confines of bankruptcy court), this time on its $125 million DIP which was arranged by Credit Suisse. The reason for the default is Tronox' inability to file audited 2008 financial statements on time. A recent filing explains the reason for the default:

Titanium dioxide maker Tronox, which filed for bankruptcy a mere 5 months ago, has decided to default yet again (this time in the confines of bankruptcy court), this time on its $125 million DIP which was arranged by Credit Suisse. The reason for the default is Tronox' inability to file audited 2008 financial statements on time. A recent filing explains the reason for the default:

We have written extensively on the subject (here and here), and we feel it is about time mainstream media paid a little more attention to this very troubling issue.

People suffering from a morbid obsession with titanium dioxide and its principal producer, Tronox Inc., are frantically clicking refresh on Pacer to see the moment the company files for Chapter 11 in Southern District of NY on this cold evening. Reuters cites sources that the filing should come any moment.