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TPC Group has emerged from Chapter 11 bankruptcy protection. The Houston-based company refines other firms’ crude C4 streams into intermediates such as butene and butadiene and also makes some C4 derivatives itself. In a string of setbacks, its Port Neches, Texas, complex exploded in 2019, and the rest of its operations were affected by the early-2021 cold snap in Texas. TPC also faced difficulties arising from the COVID-19 pandemic, higher commodity prices, and supply chain snags. The company emerges from bankruptcy with $950 million of its $1.3 billion in secured debt removed from its balance sheet and reduced litigation liabilities from the explosion.
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