Borden Chemicals and Plastics Operating Limited Partnership Completes Sale of Geismar, La., PVC Facility to Geismar Vinyls Corporation.
GEISMAR, La.--(BUSINESS WIRE)--Dec. 30, 2002
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BCP Bureau of Consumer Protection (US Federal Trade Commission) ) announced that it has completed the sale of the assets of its Geismar, La., polyvinyl chloride polyvinyl chloride (PVC), thermoplastic that is a polymer of vinyl chloride. Resins of polyvinyl chloride are hard, but with the addition of plasticizers a flexible, elastic plastic can be made. (PVC PVC: see polyvinyl chloride.
in full polyvinyl chloride
Synthetic resin, an organic polymer made by treating vinyl chloride monomers with a peroxide. ) facility to Geismar Vinyls Corporation (GVC GVC Grand View College (Des Moines, IA)
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GVC Goddard Voice Control ), an affiliate of The Westlake Group, for $5 million cash plus a promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. for up to $4 million depending on the earnings performance of the assets. The sale agreement was previously approved by the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the District of Delaware on August 20, 2002.
Geismar Vinyls acquired BCP's 575-million lb./year Geismar PVC resins plant, 650-million lb./year ethylene-based vinyl chloride monomer (VCM/E) feedstock plant, and certain related assets. BCP halted PVC production at Geismar in April 2002.
"We are pleased to have closed the sale of Geismar," said Mark J. Schneider, president and chief executive officer, BCP Management, Inc. (BCPM BCPM Benchmark Cost Proxy Model
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BCPM Berkeley Caltech Pulsar Machine ), the general partner of BCP. "We now look forward to the plan confirmation hearing on January 24 and a successful conclusion to all the matters pending in this case."
Separately, BCP said that on December 19, the court approved the extension of BCP's $7.5 million post-petition credit arrangement with BCPM to January 31, 2003.
BCP and its subsidiary, BCP Finance Corporation, filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware on April 3, 2001. BCPM, the general partner of BCP, filed for bankruptcy on March 22, 2002. Their joint plan of liquidation has been submitted to creditors for approval and is scheduled to be heard by the court on January 24, 2003. Borden Chemicals and Plastics Limited Partnership, the limited partner of BCP, was not included in the Chapter 11 filings. A separate and distinct entity, Borden Chemical, Inc., is not related to the filings.
Note to Editors: Borden Chemicals and Plastics Operating Limited Partnership (BCP) and Borden Chemicals and Plastics Limited Partnership (the Partnership) are separate and distinct entities from Borden Chemical, Inc. Please do not refer to either partnership as "Borden" or "Borden Chemicals."