Chemical Firm TPC Approved to Exit Bankruptcy Under New Owners

Chemical maker TPC Group Inc. won court approval of a bankruptcy-exit plan that gives ownership to bondholders including investment funds managed by Strategic Value Partners, PGIM and Redwood Capital Management.

• US Bankruptcy Judge Craig T Goldblatt said he would approve the plan, which is built on a series of deals among various bondholders and Texas residents who sued the company after a chemical plant exploded, raining toxic air pollution on their neighborhoods
• Under the plan, bondholders will get ownership in exchange for canceling debt, while other creditors, including the pollution victims, will get $30 million in cash ...