EXHIBIT 99.1

BCP A DELAWARE LIMITED PARTNERSHIP
- ----------------------------------
BORDEN CHEMICALS and PLASTICS
BCP Management, Inc., Partner

FOR IMMEDIATE RELEASE                                   Contact
July 8, 1998                                            Peter F. Loscocco
                                                        614/225-4482

Borden Chemicals and Plastics Obtains
Covenant Waivers For Credit Facility

        Columbus, Ohio (July 8, 1998) -- Borden Chemicals and Plastics Limited
Partnership (NYSE: BCU) announced today that it has reached agreement with 
participant banks on certain waivers and amendments to maintain its $100 million
revolving credit facility.

        The waivers excuse Borden Chemicals and Plastics for the anticipated 
non-compliance with certain financial covenants of the credit agreement at the 
end of the seconds quarter, 1998. In addition, the  partnership and 
participant banks have agreed on revised convenants for the third and fourth 
quarters of 1998 and the first quarter of 1999. Adverse business conditions 
across the partnership, three lines of business -- PVC resins, methanol and 
nitrogen products - have significantly reduced operating margins for the past 
several quarters, leading to the discussion, with the bank group.

        "We are pleased to have reached this agreement with our banks, which 
will permit our continued access to the credit facility during the current 
industry downturn," said Christopher L. Nagel, chief financial officer for the 
partnership.

        Borden Chemicals and Plastics expects to report its financial results 
for the second quarter on Wednesday, July 15.

Forward-Looking Statements
- --------------------------
        This news release contains forward-looking statements subject to the 
"safe harbor" provisions of the Private Securities Litigation Reform Act of 
1995. These include statements regarding the Partnership's continued access to 
credit to meet future business needs. These forward-looking statements are 
based on a number of assumptions and forecasts, and actual results may be 
materially different from those expressed or implied by such statements. Factors
affecting future results include, but are not limited to, changes in the demand
for and pricing of products, changes in industry production capacities, and 
changes in the supply of and costs of significant raw materials. Discussion of 
these and other factors and risks are discussed in detail in the Partnership's
Form 10-K annual report filed with the Securities and Exchange Commission.

                                     -##-