TPC exits bankruptcy

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.