Tronox Inc., filed for Chapter 11 bankruptcy protection as the best way to address contingent environmental liabilities inheriated from its spin-off from Kerr McGee (which has since been purchased by Anadarko Petroleum)
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If you are contemplating the purchase of a property containing service stations, dry cleaners, truck stops, or almost any industrial company, these properties may contain potentially hazardous materials. If you are not responsible for placing the hazardous materials on the property, the following describes federal and Oklahoma State programs that may help in the rehabilitation of the property. Some of the programs require a public-private partnership, other programs are available to for-profit enterprises. In almost all cases, governmental assistance is only available to clean up poluted property if you have preformed an All Appropriate Inquiry or Phase I Environmental Assessments before you purchased the property.
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National Dry Cleaners Inc., the largest group of affiliated drycleaners in the United States with 231 stores in nine states, on July 11, 2008 filed for Chapter 11 bankruptcy protection. It is unclear from the bankruptcy filing the degree that environmental issues were a contributing cause to the company’s insolvency. Ultimately, the current and previous property owners, as well as tenants and customers that may have contributed contamination may be held financially responsible. Based on the bankruptcy filing (Case 08-11382 CSS) in the US Bankruptcy Court for the district of Delaware, it would seem that the some (if not all) assets will be liquidated. National Dry Cleners operates in nine states, in the Oklahoma City Metro operating under the Best Dry Cleaners banner with 8 locations. Information from Oklahoma Department of Envoronmental Quality suggests that a former plant location of Best Cleaners (6305 N MacArthur) in Oklahoma City has an active remediation plan in effect.