Firstrly, the petrochemical TPC Group is in discussions with a group representing approximately 90%; and about 80% of the Company’s two series of senior secured notes, respectively.
The Ad Hoc Group agreed to forbear from exercising remedies relating to the default caused by the failure to make the February 2, 2022 interest payments on the notes.
As a result, the Company elected not to make $53 million in total interest payments due on the notes on February 2, 2022.
Secondly, the Ad Hoc Group and the Company extended the forbearance agreement, until April 18, 2022.
In addition, this period will allow TPC Group to continue engaging in constructive discussions; to strengthen the Company’s capital structure and position the Company to be a more substantial, more competitive business.
Thridly, TPC Group will continue to operate as usual, maintaining its strong focus on EHSS performance, reliable and safe operations. And providing customers and vendors with the highest quality products and services.
Finally, Moelis & Company LLC, Baker Botts L.L.P., Simpson Thacher & Barlett LLP, and FTI Consulting Inc., advises the Company. Stroock & Stroock & Lavan LLP and Evercore guides the Ad Hoc Group.
We recommend: Energy company, Quantum Energy announces new Board member and hires for Byron Rare Earth Processing Center. Read more.
About petrochemical raw material provider, TPC Group
Firstly, TPC Group, headquartered in Houston. Is producer of value-added products derived from petrochemical raw materials.
Also, the production includes C4 hydrocarbons and a provider of critical infrastructure and logistics services along the Gulf Coast.
Besides, the Company sells its products into a wide range of performance, specialty, and intermediate markets; including synthetic rubber, fuels, lubricant additives, plastics, and surfactants.
Additionaly, with an operating history of 75 years, TPC Group has a manufacturing facility in the Houston Ship Channel.
Finally, it operates product terminals in Port Neches, Texas, and Lake Charles, Louisiana.
To know more about TPC Group, click here.