Anadarko challenges judge, says it owes Tronox creditors no more than $1.76B

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

Anadarko Petroleum (APC +2.7%) says it should pay no more than $1.76B in damages to Tronox (TROX) creditors for an improper spinoff, not up to $14.5B as a judge ruled last month.

In a filing yesterday with U.S. Bankruptcy Court in Manhattan, APC challenged parts of a decision made last month that found it liable for $5B-$14.5B, subject to the calculation of how much APC is owed as a creditor in TROX's bankruptcy.

"The Court's approach... leads to incorrect conclusions for the calculation of damages and is contrary to [its] stated view that the purpose of the applicable law is 'remedial rather than punitive'," APC CEO Al Walker says.