TPC Group Inc. Upgraded To 'B-' From 'D' On Emergence From Chapter 11; Outlook Stable; New Notes Rated 'B+' - S&P Global Ratings’ Credit Research

TPC Group Inc. Upgraded To 'B-' From 'D' On Emergence From Chapter 11; Outlook Stable; New Notes Rated 'B+'

TPC Group Inc. Upgraded To 'B-' From 'D' On Emergence From Chapter 11; Outlook Stable; New Notes Rated 'B+' - S&P Global Ratings’ Credit Research
TPC Group Inc. Upgraded To 'B-' From 'D' On Emergence From Chapter 11; Outlook Stable; New Notes Rated 'B+'
Published Dec 16, 2022
5 pages (2400 words) — Published Dec 16, 2022
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About This Report

  
Abstract:

TPC Group Inc. emerged from bankruptcy with a revised capital structure on Dec. 16, 2022, after filing for Chapter 11 protection in June. We raised our issuer credit rating on TPC Group to 'B-' from 'D' on our assumption the company successfully executes its emergence plan. We also assigned a 'B+' issue-level rating with a '1' recovery rating to its proposed $350 million senior secured notes due in 2027. We withdrew all issue-level ratings on the prepetition debt on confirmation that it is no longer a part of the company's capital structure. The stable outlook reflects our expectation for significantly reduced balance sheet debt and interest costs, along with an improved liquidity position, following the company's bankruptcy restructuring and receipt

  
Brief Excerpt:

...December 16, 2022 - TPC Group Inc. emerged from bankruptcy with a revised capital structure on Dec. 16, 2022, after filing for Chapter 11 protection in June. - We raised our issuer credit rating on TPC Group to 'B-' from 'D' on our assumption the company successfully executes its emergence plan. - We also assigned a 'B+' issue-level rating with a '1' recovery rating to its proposed $350 million senior secured notes due in 2027. - We withdrew all issue-level ratings on the prepetition debt on confirmation that it is no longer a part of the company's capital structure. - The stable outlook reflects our expectation for significantly reduced balance sheet debt and interest costs, along with an improved liquidity position, following the company's bankruptcy restructuring and receipt of insurance settlement proceeds. TORONTO (S&P Global Ratings) Dec. 16, 2022--S&P Global Ratings today took the rating actions listed above. The upgrade of TPC reflects our expectation of a successful emergence from...

  
Report Type:

Ratings Action

Ticker
TPCG
Issuer
TPC Group Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "TPC Group Inc. Upgraded To 'B-' From 'D' On Emergence From Chapter 11; Outlook Stable; New Notes Rated 'B+'" Dec 16, 2022. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/TPC-Group-Inc-Upgraded-To-B-From-D-On-Emergence-From-Chapter-11-Outlook-Stable-New-Notes-Rated-B-2930583>
  
APA:
S&P Global Ratings’ Credit Research. (). TPC Group Inc. Upgraded To 'B-' From 'D' On Emergence From Chapter 11; Outlook Stable; New Notes Rated 'B+' Dec 16, 2022. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/TPC-Group-Inc-Upgraded-To-B-From-D-On-Emergence-From-Chapter-11-Outlook-Stable-New-Notes-Rated-B-2930583>
  
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