Chemical Firm TPC Files for Bankruptcy Following Explosion (2)

TPC Group Inc., a Houston-based chemical company, filed for bankruptcy in Delaware after battling the fallout from a series of disasters at its plants and coming to an agreement with noteholders.

The company, owned by First Reserve and SK Capital, had been working with creditors to address its debt after missing interest payments due Feb. 1. It reached an agreement with a majority of bondholders to cancel $950 million of secured notes and raise more than $1 billion of equity and new debt financing, it said in a statement on Wednesday.

During the bankruptcy, the company will also try ...