HOUSTON, Dec. 16, 2022 (GLOBE NEWSWIRE) -- TPC Group Inc. (“the Company”), a global leader in providing a diverse range of quality products to chemical and petroleum-based companies worldwide, announced that it has successfully emerged from its restructuring process as a stronger, more competitive business. This milestone marks the successful completion of the Company’s chapter 11 reorganization and the implementation of the Plan of Reorganization (“the Plan”), which was confirmed by the U.S. Bankruptcy Court on December 1, 2022. The Plan eliminated over $950 million of the Company’s approximately $1.3 billion of secured funded debt, as well as contingent litigation liabilities arising from the explosion at the Company’s Port Neches facility in 2019.
TPC Group’s Plan, which was accepted by 98-99% of the Company’s secured and unsecured voting creditors, achieved the Company’s restructuring goals: an industry-leading balance sheet, a definitive and consensual resolution of legacy liabilities, strengthened commercial contracts and relationships, and strong liquidity.
“Today marks a new chapter for our Company,” said TPC Group President & CEO, Ed Dineen. “We are pleased to have emerged from chapter 11 protection with improved financial and operational flexibility. I want to thank our TPC Group employees for their unwavering support throughout this process—their hard work, commitment and dedication is evident and appreciated. The future is bright for TPC Group. We look forward to continuing to produce the highest quality products and being a dependable service provider and a leader in the petrochemicals industry for many years to come.”
For more than 75 years, the Company has operated as the largest independent processor of crude C4 and as a leader in North America across all of its product lines. Furthermore, the Company provides critical infrastructure and logistics services to petrochemical operators along the Gulf Coast.
For more information about the Company’s chapter 11 case, please visit https://cases.ra.kroll.com/TPCGroup.
The Company is advised in this process by Baker Botts L.L.P., Morris, Nichols, Arsht & Tunnell LLP, Simpson Thacher & Bartlett LLP, Moelis & Company, and FTI Consulting.
The Supporting Noteholders are advised by Paul Hastings LLP, Young Conaway Stargatt & Taylor, LLP, and Evercore.
The Official Committee of Unsecured Creditors is advised by Akin Gump Strauss Hauer & Feld LLP, Cole Schotz, P.C. and Dundon Advisers, LLC.
About TPC Group
TPC Group, headquartered in Houston, is a leading producer of value-added products derived from petrochemical raw materials such as C4 hydrocarbons, and provider of critical infrastructure and logistics services along the Gulf Coast. The Company sells its products into a wide range of performance, specialty and intermediate markets, including synthetic rubber, fuels, lubricant additives, plastics and surfactants. With an operating history of more than 75 years, TPC Group has a manufacturing facility in the industrial corridor adjacent to the Houston Ship Channel and operates product terminals in Port Neches, Texas and Lake Charles, Louisiana.
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Sara Cronin
Media Relations
713.475.5243
Andrew Grygiel
Investor Relations
713.840.2045
