Cerberus, Bayside in Settlement Talks Over Bankrupt TPC Group

TPC Group Inc. is in settlement talks aimed at ending opposition to the chemical maker’s reorganization proposal from minority bondholders Cerberus Capital Management and Bayside Capital.

• If the company and the holdout bondholders can’t come to an agreement, the two sides will return to bankruptcy court at the end of the month, lawyers for the company and the bondholders said during a hearing Tuesday.
• Cerberus and Bayside argue that TPC’s reorganization deal is unfair because it gives preferential treatment to the majority bondholders, including Strategic Value Partners and Redwood Capital Management.
• Cerberus and Bayside have been battling SVP and ...