TPC declares bankruptcy

TPC Group and numerous related companies filed for bankruptcy protection with the bankruptcy court in Delaware on June 1, according to an attorney representing Southeast Texas residents impacted by the company’s Port Neches explosion the week of Thanksgiving in 2019.

The bankruptcy filing was allegedly based on financial pressure from investors and financial institutions owed over a billion dollars, a situation compounded with thousands of lawsuits also pending against the company related to damages emanating from the explosion and fire at their Port Neches butadiene facility.  Thousands of homeowners were subject to a mandatory evacuation as a result of the explosion, ensuing fire and toxic emissions from the facility, as it essentially burned to the ground over the next few days.