What was the enterprise value of TPC Group in Eneos's acquisition, and what assets does the deal include?

The acquisition values TPC Group at $1.28 billion including debt, according to documents reviewed by Bloomberg News. The deal gives Eneos ownership of TPC’s petrochemical operations in Houston, as well as terminal operations in Port Neches, Texas, and Lake Charles, Louisiana.

Why did TPC Group file for Chapter 11 bankruptcy, and how did it emerge from it?

TPC Group filed for Chapter 11 protection in 2022 after years of distress, including fallout from multiple plant mishaps—most notably a 2019 explosion at its Port Neches facility that exposed nearby neighborhoods to toxic air pollution and generated about 7,800 legal claims; the plant shut down and third-quarter 2019 earnings plunged nearly 75%. It emerged from bankruptcy by transferring ownership to its bondholders and allocating $30 million in cash to other creditors, including pollution victims, as part of its exit plan.