Tpc globe

HOUSTON, Feb. 03, 2022 (GLOBE NEWSWIRE) -- TPC Group (“the Company”), a global leader in providing a diverse range of quality products and services to chemical and petroleum-based companies worldwide, disclosed today that its Senior Leadership Team, members of the Board of Directors, and professional advisors are in ongoing, constructive discussions with a group representing nearly 90% and approximately 80% of the Company’s two series of senior secured notes (the “Ad Hoc Group”), as well as other economic stakeholders. The Company did not make approximately $53 million in total interest payments due on the secured notes on February 1, 2022; the payments are subject to a 30-day grace period. Today, the Company signed a forbearance agreement with the Ad Hoc Group, under which the Ad Hoc Group has agreed to forbear from exercising remedies relating to the event of default that will occur if the Company does not make the February 1 coupon payments within the 30-day grace period. The forbearance agreement is effective until March 18, 2022 and may be extended by the Ad Hoc Group. In connection with the forbearance agreement, the Ad Hoc Group has also agreed to provide the Company with approximately $52 million of additional liquidity in the form of a commitment to purchase additional senior secured priming notes due 2024. The Company expects to use proceeds from the new notes to support ongoing operations, and to pay fees and expenses associated with the transaction. The Company...

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