Venator in US Chapter 11 Bankruptcy Proceedings
Venator, the Huntsman spinoff that holds the family-owned business’s former titanium dioxide activities, has filed for protection from creditors under the US Chapter 11 bankruptcy code.
Venator
Venator Investor Seeks Urgent Board Change
Venator’s second-largest investor, Czech private equity fund J&T MS 1 SICAV, is asking for a seat on the board of the UK-headquartered multinational pigments and additives producer, citing major concerns about its financial underperformance and massive shareholder value destruction.
Venator Sells Iron Oxide Pigments to Cathay Industries
US titanium dioxide pigments and performance additives producer Venator Materials has agreed to sell its iron oxide business to Hong Kong’s Cathay Industries for an enterprise value of $140 million. The transaction is expected to close by the end of quarter one 2023.
Venator Wins Lawsuit against Tronox
Venator Materials has won a $75 million lawsuit against Tronox in a case over a break fee contained in an exclusivity agreement entered into in July 2018 relating to the latter’s merger with Cristal.
Huntsman Sells Venator Shares to SK Capital
Huntsman has agreed to sell about 42.5 million shares in Venator Materials – representing just below 40% of Venator’s outstanding shares – to private equity group SK Capital Partners for $100 million cash. The deal includes a 30-month option at $2.15/share for the remaining 9.5 million shares that Huntsman owns.
