Kronos Worldwide Inc Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Operating Lease Liability: not reported in this period (annual-only)
Liquid Liquidation Value
- Accounts Receivable: not reported in this period (annual-only)
- Operating Lease Liability: not reported in this period (annual-only)
Operating Liquidation Value
- Accounts Receivable: not reported in this period (annual-only)
- Operating Lease Liability: not reported in this period (annual-only)
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-902.90M | $-7.85 |
| Liquid Liquidation Value | $-902.90M | $-7.85 |
| Operating Liquidation Value | $-353.60M | $-3.07 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $25.70M |
| Accounts Receivable | N/A |
| Inventory | $549.30M |
| Current Liabilities | $311.00M |
| Long-term Debt (?) | $602.70M |
| Op. Lease Liability (?) | $14.90M |
| Finance Lease (?) | N/A |
| Shares Outstanding | 115.0M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $25.70M | N/A | $549.30M | $201.30M | $311.00M | $602.70M | $14.90M | N/A |
| 2025-12-31 | $33.20M | $3.40M | $628.60M | $224.00M | $368.80M | $557.40M | $15.70M | N/A |
| 2025-09-30 | $27.70M | $334.30M | $659.10M | $161.00M | $279.20M | $626.20M | $16.50M | N/A |
| 2025-06-30 | $18.90M | $347.10M | $683.50M | $187.00M | $390.20M | $501.40M | $17.10M | N/A |
| 2025-03-31 | $20.50M | $355.40M | $699.80M | $205.20M | $430.30M | $476.00M | $17.00M | N/A |
| 2024-12-31 | $106.70M | $291.60M | $656.70M | $232.40M | $476.60M | $429.10M | $17.10M | N/A |
| 2024-09-30 | $94.80M | $366.50M | $548.60M | $155.20M | $398.30M | $470.40M | $18.10M | N/A |
| 2024-06-30 | $133.80M | $370.60M | $447.20M | $129.90M | $273.10M | $423.70M | $18.10M | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-05-06 | View |
| 2025-12-31 | 10-K | 2026-03-09 | View |
| 2025-09-30 | 10-Q | 2025-11-06 | View |
| 2025-06-30 | 10-Q | 2025-08-06 | View |
| 2025-03-31 | 10-Q | 2025-05-07 | View |
| 2024-12-31 | 10-K | 2025-03-06 | View |
| 2024-09-30 | 10-Q | 2024-11-06 | View |
| 2024-06-30 | 10-Q | 2024-08-07 | View |
AI Insights
Kronos Worldwide (KRO) is a TiO2 commodity pigment producer with operations primarily in Europe and North America. Under the liquidation lens as of March 31, 2026, recovery to equity is deeply negative. MFFAIS reports a Cash Liquidation Value of -$903M and an Operating Liquidation Value of -$354M, consistent with the balance sheet structure observed in this filing.
Asset-side recoveries: Cash and restricted cash totals $33.6M (100% recovery = $33.6M). Gross AR of $378.2M ($374.4M net) at 90-95% recovery yields approximately $337-356M. Inventory of $549.3M at a 60% haircut recovers approximately $330M. Net PP&E is $712.6M (gross $1,979.5M against $1,266.9M accumulated depreciation); at 50-70% of net book value, recovery is approximately $356-499M. All intangibles and goodwill ($2.6M goodwill, effectively zero under the lens) are written to zero. Other noncurrent assets ($35.3M) and deferred tax assets ($32.8M) are assigned zero recovery. Total estimated gross asset recovery: roughly $1.06-1.22B.
Liability stack at face value: Current liabilities $311.0M; long-term debt (noncurrent) $602.7M comprising the €426M 9.50% Senior Secured Notes due 2029 ($490.9M carrying) plus $53.7M Contran subordinated term loan, plus $58.1M revolving credit facility (carried in current or separate line); total debt approximates $660.8M. The revolving credit drew $58.1M this quarter (from zero at year-end 2025), adding meaningfully to the liability stack. Pension liabilities: defined benefit pension $76.4M + OPEB $5.6M at face = $82.0M. Operating lease liabilities: $18.8M combined. Asset retirement obligations: $14.7M. Other noncurrent liabilities $32.9M + deferred tax liabilities $15.4M. Total liabilities roughly $1,053M+, against haircutted asset recovery of $1.06-1.22B, leaving a thin-to-negative residual for equity before wind-down costs, transaction costs, and the asymmetric treatment of the pension.
Key changes from prior filing (2025 10-K, December 31, 2025): The revolving credit facility drew from zero to $58.1M, adding $58.1M to the liability stack. Cash dropped from $42.5M to $33.6M. Inventory declined from approximately $600M range (DSI dropped 57 to 47 days) as the company sold through higher-cost Q4 2025 production. PP&E net was approximately $718M at year-end versus $712.6M now (modest capex offset by depreciation). The 9.50% Senior Secured Notes market price dropped from €937 to €853 per €1,000 principal, a 9% deterioration in market value suggesting deteriorating credit perception. A new $2.0M uncertain tax position (German audit, 2019-2021) was recognized. The accumulated AOCI deficit narrowed from -$295.6M to -$291.1M, primarily driven by modest FX translation gain of $4.2M. Pension AOCI improved from -$29.0M to -$28.7M (not material). Net loss was $4.8M in Q1 2026 vs. $18.1M net income in Q1 2025. The filing discloses $133M in purchase obligations for raw materials/services (from the 2025 10-K); these contractual commitments do not extinguish on wind-down. The filing also discusses $60M planned 2026 capex; under liquidation, ongoing capex ceases. Long-term purchase commitment detail is not separately tagged in XBRL in the current 10-Q — disclosed in prior 10-K narrative only.
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