February 1, 2023

GLAS Americas Administers $580 Million for Petrochemical Producer TPC in Recent Bankruptcy

GLAS Americas was selected for bond trustee and loan agency roles on the recent bankruptcy of TPC Holdings Inc. GLAS worked closely with TPC and deal parties on the following debt instruments:

  • Administrative Agent and Collateral Agent for the DIP facility dated June 6, 2022 (GLAS USA LLC and GLAS Americas LLC, respectively).
  • Bond Trustee for TPC Holdings Inc.’s $230 million 17.00% Senior PIK Notes due 2028 (GLAS Trustee Company LLC) (exit facility).
  • Trustee and Collateral Agent for TPC Group Inc.’s $350 million 13.00% Senior Secured Notes due 2027 (GLAS Trustee Company LLC) (exit facility).

“Our work on this transaction showcases GLAS’s deep expertise in U.S. bankruptcy proceedings,” said Sandra Markovic, Head of the Americas at GLAS. “This deal featured facilities across both capital markets and loans. We are glad to have played a role in this complex transaction to deliver a satisfactory outcome for both the debtor and lenders.”

TPC Group is based in Houston, Texas, and provides a diverse range of quality products to chemical- and petroleum-based companies worldwide. The company completed this restructuring through a Joint Chapter 11 Plan.

To learn more about how GLAS can be of service on your restructuring transaction, click here or contact a member of our global team.

About GLAS

GLAS was established in 2011 as an independent provider of institutional debt administration services. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. It offers a wide range of administration services developed specifically for the debt market.

GLAS is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of USD300bn of assets under administration on a daily basis. For more information, please contact

New Business, New York