Texas Petrochemicals Announces Timing of Distribution

Tag : and petrochemicals

HOUSTON, July 1 /PRNewswire-FirstCall/ -- Texas Petrochemicals, Inc. (the "Company") (OTC: TXPI) todayannounced that the Board of Directors has directed TexasPetrochemicals LP ("TPLP") to make final distribution of thereserve shares held by TPLP in connection with its Chapter 11proceeding on or about September 15, 2008. As a result, TPLP willdistribute approximately 610,000 shares in the Company to unsecuredcreditors pursuant to TPLP's Plan of Reorganization. The shares tobe distributed have been issued and outstanding since May 6, 2004and will not impact the calculation of earnings per share of theCompany.
Headquartered in Houston, Texas, Texas Petrochemicals, Inc. is apremier chemical company with more than $2.0 billion in annualsales. Its products are sold to a wide range of performance,specialty and intermediate markets, including synthetic rubber,fuel additives, plastics and detergents. The Company hasmanufacturing facilities in the industrial corridor adjacent to theHouston Ship Channel, Port Neches and Baytown, Texas and operates aproduct terminal in Lake Charles, Louisiana. For more information,visit the Company's web site at http://www.txpetrochem.com .
Cautionary Information Regarding Forward-Looking Statements
Certain oral and written information that the company may makepublicly available from time to time may constitute forward-lookingstatements. Such statements may relate to future operating results,existing and expected competition, financing and refinancingsources and availability, and plans related to strategicalternatives or other future expansion activities and capitalexpenditures. Forward-looking statements involve a number of risksand uncertainties that may significantly affect the company'sliquidity and results in the future and, accordingly, actualresults may differ materially from those expressed in anyforward-looking statements. Such risks and uncertainties include,but are not limited to, those related to effects of competition,leverage and debt service, financing and refinancing efforts,litigation and governmental investigations, environmental laws andregulations, general economic conditions and changes in laws orregulations.
SOURCE Texas Petrochemicals, Inc.