TPC gains extension to debt agreements

Houston, Texas - TPC Group creditors have agreed to ‘forebear’ on the company’s failure to make 2 Feb and 1 May interest payments on senior secured notes, TPC announced 23 May.

The agreement stemmed from ongoing talks with the Ad Hoc Group, which represents about 90% and 80% of two series of TPC notes, and other commercial stakeholders.

The parties have agreed to extend the forbearance agreement through 1 June, allowing TPC to continue discussions to strengthen its capital structure and business position.

TPC said it will “continue to operate as usual, maintaining its vital focus on EHSS performance, reliable and safe operations” and supply products and services.

The group entered into forbearance agreement with the “Ad Hoc Group” in February after failing to make $53 million (€50 million) in total interest payments due on the secured notes on 1 Feb.

TPC further extended the agreement in April to be allowed additional period to continue to strengthen the company’s capital structure.

The Houston-based group is a major independent producer of C4 hydrocarbons, including butadiene monomers for the rubber industry.