Chemical Firm TPC Misses Interest Payment as Restructuring Looms

TPC Group Inc. didn’t make interest payments due Feb. 1 on some of its debt as it huddles with creditors to discuss solutions for more than $1 billion of obligations.

The chemical company failed to make a payment owed on its 10.5% notes due 2024, starting the clock on a 30-day grace period, according to people with knowledge of the matter, who asked not to be named because the information was not public. TPC was expected not to make the payment, Bloomberg previously reported.

TPC’s debt has come under pressure as its earnings have plummeted amid the fallout from ...