If Kerr-McGee proceeds with the sale of the chemical business or otherwise does not proceed with an IPO, spinoff or splitoff
of Tronox Worldwide (or any successor to or parent of Tronox Worldwide), the release fee will not be paid.
If the proposed amendment becomes operative and Newco Chemical Worldwide is released from its guaranty of the notes as a result of an IPO, spinoff or splitoff
, Kerr-McGee will pay an additional consent fee (release fee) to each consenting holder for each $1,000 principal amount of notes as outlined below.
355(e) on the interpretation of "plan (or series of related transactions)" for affected spinoffs, splitoffs
Protection of the tax-free status of corporate spin-offs, split-ups or splitoffs
Activism, Bankruptcy, Carve Outs, Deep Value with Catalyst, Demutualizations, Directors Dealings, Distressed Securities, Liquidations, Merger Securities, Mergers & Acquisitions, Post-Re-Orgs, Privatizations, Recapitalizations, Recovery Situations, Equity Restructurings, Reverse Mergers, Reverse Morris Trusts, Rights Offerings, Special Dividends, Spinoffs, Splitoffs
, Share Buybacks, Tender Offers and Turnarounds.
Because the S corporation is the vehicle of choice for many small businesses, it is only natural that there is more activity currently in the area of splitoffs
, acquisitions and other restructurings.
Barr is a tax lawyer advising clients on federal income tax matters, including mergers, acquisitions, spinoffs, splitoffs
, private equity investments and financial products.