TPC Group Extends the Forbearance Agreement
TPC Group | March 17, 2022
TPC Group announced that it got an extension to the Forbearance agreement until April 18 by Ad Hoc Group. Initially, the agreement was effective till March 18. The extended period of the agreement will allow economic stakeholders, representing 90% and 80% of its two series of senior secured notes, respectively, to aim towards strengthening its capital structure. In addition, in the extended period, the stakeholders will also discuss the company’s positioning to be more competitive in the future.
TPC Group told it would continue to operate similarly throughout these discussions by maintaining its strong focus on EHSS performance, becoming more reliable, and providing safe operations to customers and vendors with the highest quality products and services.
TPC Group has been in business for more than 75-years and is a leader in North America across all product lines. Interestingly, it is known as the largest independent C4 crude processor. Apart from this, TPC Group is recognized as a global leader in producing value-added products and raw materials such as C4 hydrocarbons and providing acute infrastructure and logistics services to petrochemical operators along the Gulf Coast.
TPC Group is advised by Baker Botts L.L.P., Moelis & Company LLC, and FTI Consulting, Inc. The Ad Hoc Group is recommended by Evercore and Stroock & Stroock & Lavan LLP.