Company Overview of PetroLogistics LP
PetroLogistics LP owns and operates propane dehydrogenation facility that produces polymer grade and chemical grade propylene from propane in North America. The company offers propylene, hydrogen, and C4 mix/C5+ streams to petrochemical industry. Its propylene is used in the production of paints, coatings, building materials, clothing, automotive parts, packaging, and various other consumer and industrial products. PetroLogistics GP LLC serves as the general partner of PetroLogistics LP. The company is headquartered in Houston, Texas. As of July 16, 2014, PetroLogistics LP operates as a subsidiary of Flint Hills Resources LLC.
600 Travis Street
Houston, TX 77002
Key Executives for PetroLogistics LP
President of Petrologistics GP LLC - General Partner and Director of Petrologistics GP LLC - General Partner
Senior Vice President of Commercial for Petrologistics GP LLC
Vice President of Engineering for Petrologistics GP LLC
Compensation as of Fiscal Year 2014.
PetroLogistics LP Key Developments
PetroLogistics LP Announces Executive Changes
Jul 16 14
PetroLogistics LP announced that in connection with the Merger, as of the Effective Time, Jaime Buehl-Reichard, Alan E. Goldberg, Lance L. Hirt, Zalmie Jacobs, Phillip D. Kramer, Robert D. Lindsay, David Lumpkins, Nathan Ticatch, John B. Walker, Andrew S. Weinberg and Hallie A. Vanderhider resigned as members of the Board of Directors of General Partner and as members of each committee of the Board of Directors on which they served immediately prior to the Effective Time. In connection with the Merger, as of the Effective Time, David Lumpkins, Nathan Ticatch, Sharon Spurlin and Richard Rice resigned as officers of General Partner. Immediately following the Effective Time, Raffaele G. Fazio was appointed as the sole member of the Board of Directors and President of the General Partner. Mr. Fazio, age 44, is currently the Deputy General Counsel-Corporate and Commercial of Koch Companies Public Sector, LLC.
WeissLaw LLP Announces Class Action Lawsuit Against PetroLogistics, PetroLogistics GP LLC, Propylene Holdings LLC, Flint Hills Resources, LLC and FHR Propylene, LLC on June 20, 2014
Jul 15 14
WeissLaw LLP announced that it filed a class action lawsuit on June 20, 2014, in the U.S. District Court, Southern District of Texas, on behalf of the unit holders of PetroLogistics LP against PetroLogistics, its Board of Directors, its general partner (PetroLogistics GP LLC), Propylene Holdings LLC, Flint Hills Resources, LLC and FHR Propylene, LLC for, among other things, violations of sections 14(a) and 20(a) of the Securities and Exchange Act of 1934 in connection with the proposed acquisition of PetroLogistics by Flint Hill. The complaint arises out of a May 8, 2014 press release in which PetroLogistics and Flint Hills jointly announced that they entered into a definitive merger agreement pursuant to which Flint Hills will pay PetroLogistics' public unit holders $14.00 in cash for each common unit they own. The complaint seeks injunctive relief on behalf of the named plaintiff and all other similarly situated unit holders of PetroLogistics as of May 8, 2014. The named plaintiff is represented by WeissLaw LLP. The named plaintiff alleges that certain of the defendants breached, or aided and abetted the other defendants' breaches of, their fiduciary duties of loyalty and due care owed to PetroLogistics unit holders; and in an attempt to secure unit holder approval of the proposed transaction, the defendants filed a materially false and misleading preliminary proxy statement on Schedule 14A with the SEC in violation of the Exchange Act and their state law fiduciary duties of candor and full disclosure. The omitted and/or misrepresented information is believed to be material to PetroLogistics unit holders' ability to make an informed decision whether to approve the proposed transaction.
PetroLogistics LP and PetroLogistics Finance Corp. Announce Extension and Amendment of Consent Solicitation Relating to Its 6.25% Senior Notes Due 2020
Jul 11 14
PetroLogistics LP announced that it and PetroLogistics Finance Corp. Corp. have extended the expiration time of the previously announced solicitation of consents from holders of the issuers' outstanding 6.25% Senior Notes due 2020 to approve amendments to the indenture relating to the Notes to 5:00 p.m., New York City time, on July 23, 2014. As set forth in the Consent Solicitation Statement dated June 24, 2014, as of 5:00 p.m., New York City time, on July 2, 2014 Holders of the Notes are no longer able to withdraw their consents, whether given before or after that time. The Consent Solicitation is being extended pursuant to a Consent Solicitation Statement Supplement dated July 10, 2014, which amends and supplements the Consent Solicitation Statement, the Consent Solicitation Statement Supplement dated July 2, 2014 and the press release dated July 7, 2014. The Issuers are making the Consent Solicitation at the request and expense of Flint Hills Resources, LLC, a subsidiary of Koch Industries Inc. On May 27, 2014, the Company and its general partner entered into a definitive agreement to consummate the acquisition of the Company by Flint Hills. The Consent Solicitation is being made solely on the terms and subject to the conditions set forth in the Consent Solicitation Statement and the accompanying consent letter, the Consent Solicitation Statement Supplement dated July 2, 2014, the press release dated July 7, 2014 and the Consent Solicitation Statement Supplement dated July 10, 2014. The issuers may, in their sole discretion, terminate, extend or amend the Consent Solicitation at any time as described in the Consent Solicitation Statement.
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May 28, 2014