Anadarko -12.5% AH as Kerr-McGee unit held liable in Tronox spinoff

|About: Anadarko Petroleum Corporation (APC)|By:, SA News Editor

Anadarko Petroleum (APC) -12.5% AH after a bankruptcy judge rules its Kerr-McGee unit acted improperly in the 2005 spinoff of Tronox (TROX) and should pay for environmental cleanup and to compensate people who claim damage from toxins.

The U.S. government had sought to recover $25B to clean ~2,700 polluted sites and compensate about ~8,100 tort claimants; a trust set up to pay plaintiffs calls for 88% of the judgment to go to trusts for cleanup, according to court papers, with the remainder going to toxin claimants.

The judge says APC and Kerr-McGee intended to “hinder and delay" when they transferred out and spun off oil and gas assets.