Texas Petrochemicals lists assets of $512 million, debts of $448 million

By Carlise Newman

Chicago, July 22 - Texas Petrochemicals LP assets of $512.4 million and liabilities of $448.8 million in its Chapter 11 filing in the United States Bankruptcy Court for the Southern District of Texas.

Texas Petrochemicals has $209.55 million in senior subordinated notes and Texas Petrochemicals Holdings has $57.65 million in discount notes, according to filing with the bankruptcy court.

In November 2002 Texas Petrochemical refinanced its existing bank credit agreement, obtaining a new $60 million three-year revolving credit facility with $41.6 million drawn and a new $55 million term loan expiring December 2005. Bank of America is the agent.

The company's largest unsecured creditors include: U.S. Bank with $222.5 million in promissory notes; Dow Chemical Co. with $9.8 million in trade claims; Center Point Energy Gas Resources with $7.9 million in trade claims; Nova Chemicals Corp. with $3.6 million in trade claims; Coral Energy Resources LP with $2.7 million in trade claims; Formosa Plastics Corp. with $2.1 million in trade claims; Chevron-Phillips Chemicals Co. LP with $1.8 million in trade claims; Polimeri Europa Americas Inc. with $1.8 million in trade claims; Conoco Phillips Co. with $1.8 million in trade claims; and Eastman Chemical Fin Corp. with $1.6 million in trade claims.

For over a month, Texas Petrochemicals has been in discussions with advisors to holders of Texas Petrochemicals' 11 1/8% senior subordinated notes on restructuring alternatives and the company said it believes that significant progress has been made on a general framework for restructuring.

The Chapter 11 filing will allow the company to reduce and restructure their debt. No plant closures are expected as a result of the filings, and the restructuring will have only minimal impact on day-to-day business operations.

Texas Petrochemicals owns and operates petrochemical manufacturing facilities in Houston.

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