乐天堂fun88(中国区)官方网站

THE WOODLANDS, Texas, Dec. 23 /PRNewswire-FirstCall/ -- 乐天堂fun88(中国区)官方网站 Corporation (NYSE: HUN) today announced that Tronox Incorporated cancelled the auction scheduled for last Monday in connection with its proposed sale of assets to 乐天堂fun88(中国区)官方网站 and, today, received an interim order from the U.S. Bankruptcy Court authorizing Tronox to replace its existing senior secured financing and in order to enter into certain agreements as part of what Tronox describes as a restructuring transaction. 聽The new alternative transaction is sponsored by an ad hoc group of Tronox's unsecured bondholders. 聽Tronox also delivered to 乐天堂fun88(中国区)官方网站 a notice of termination of the "stalking horse" agreement with 乐天堂fun88(中国区)官方网站 and its affiliates, under which 乐天堂fun88(中国区)官方网站 had agreed to purchase selected assets and equity interests of Tronox and certain of its subsidiaries.

乐天堂fun88(中国区)官方网站 had increased its original bid to a value it believes to be in excess of that to be obtained under the ad hoc bondholders' alternative transaction, and was present to participate at Monday's auction had it not been cancelled by Tronox. 聽

Peter 乐天堂fun88(中国区)官方网站, President and CEO of 乐天堂fun88(中国区)官方网站 Corporation, stated, "We continue to believe that our improved bid provided the constituents of Tronox's estate with superior value and protected the interests of Tronox's employees, creditors and other stakeholders. 聽However, Tronox has chosen to go in a different direction, despite the risks and ramifications of the ad hoc bondholders' alternative transaction. 聽While we are disappointed in the result, it became clear that to prevail over the ad hoc bondholders, we would have to overpay for these assets. 聽Ultimately, we chose to exercise the discipline not to do so." 聽

He added, "While we continue to believe that the combination of these two businesses held great promise, with our strong balance sheet fully intact, we will seek other opportunities to create lasting value for our shareholders."

About 乐天堂fun88(中国区)官方网站:

乐天堂fun88(中国区)官方网站 is a global manufacturer and marketer of differentiated chemicals. 聽Its operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging. 聽Originally known for pioneering innovations in packaging and, later, for rapid and integrated growth in petrochemicals, 乐天堂fun88(中国区)官方网站 today has more than 12,000 employees and operates from multiple locations worldwide. 聽The Company had 2008 revenues exceeding US$10 billion. 聽For more information about 乐天堂fun88(中国区)官方网站, please visit the Company's website at .

Forward-Looking Statements:

Statements in this release that are not historical are forward-looking statements. These statements are based on management's current beliefs and expectations. The forward-looking statements in this release are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the company's operations, markets, products, services, prices and other factors as discussed in the 乐天堂fun88(中国区)官方网站 companies' filings with the U.S. Securities and Exchange Commission. Significant risks and uncertainties may relate to, but are not limited to, financial, economic, competitive, environmental, political, legal, regulatory and technological factors. 聽In addition, the completion of any transactions described in this release is subject to a number of uncertainties and closing will be subject to approvals and other customary conditions. Accordingly, there can be no assurance that such transactions will be completed or that the company's expectations will be realized. The company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by applicable laws.

SOURCE 乐天堂fun88(中国区)官方网站 Corporation