SECURITIES  AND  EXCHANGE  COMMISSION
                                 WASHINGTON,  D.C.  20549


                                          FORM  8-K

                                       CURRENT REPORT
                              PURSUANT  TO  SECTION  13  OR  15  (D)
                           OF  THE  SECURITIES  EXCHANGE  ACT  OF  1934






Date  of Report (Date of earliest event reported):            March  22,  2002
                                                             ------------------


             BORDEN  CHEMICALS  AND  PLASTICS  LIMITED  PARTNERSHIP
             ------------------------------------------------------
             (Exact name of Registrant as  Specified in Its Charter)


                 Delaware                    1-9699                31-1269627
       ----------------------------       -----------            --------------


(State or Other Jurisdiction of      (Commission  File           (IRS  Employer
     Incorporation)                       Number)            Identification No.)


         Highway  73,  Geismar, Louisiana                                  70734
- -----------------------------------------                               --------
(Address of Principal Executive Offices)                              (Zip Code)


                                   (225) 673-6121
                               ------------------
              (Registrant's Telephone Number, Including Area Code)





































ITEM  3.     BANKRUPTCY  OR  RECEIVERSHIP


   On  March 22, 2002, BCP Management, Inc. ("BCPM"), the General Partner of the
Registrant and the Registrant's subsidiary limited partnership, Borden Chemicals
and  Plastics Operating Limited Partnership (the "Operating Partnership"), filed
a voluntary petition under Chapter 11 of the Bankruptcy Code, 11 U.S.C. Sections
101  -  1330, in the United States Bankruptcy Court for the District of Delaware
under  case  number  02-10875-PJW  (the  "General  Partner  Bankruptcy").  The
Operating  Partnership  previously filed a Chapter 11 petition on April 3, 2001.
The  Registrant  was  not  included  in  either  bankruptcy  filing.

   As of the date of the filing of the General Partner Bankruptcy, BCPM had cash
of  approximately  $26  million, a claim of approximately $4 million against the
Operating  Partnership for repayment of borrowings under a loan from BCPM to the
Operating  Partnership  (the  "Secondary  DIP  Facility"),  and  claims  of
approximately  $7.5  million  against the Operating Partnership for unreimbursed
expenses  of  the  Registrant  and  the  Operating Partnership paid by BCPM, the
payment  of  which  expenses is subject to the approval of the Bankruptcy Court.

   On March 22, 2002, BCPM also filed a motion in the General Partner Bankruptcy
requesting  authority  to extend the maturity date of the Secondary DIP Facility
to  April  30,  2002,  and  approval of a second $5 million of lending authority
under  the  Secondary  DIP Facility.  The Bankruptcy Court granted the motion on
March  27,  2002.  It is anticipated that the Operating Partnership will require
borrowings  from BCPM in excess of the amounts previously committed, or approved
by  the  Bankruptcy Court, under the Secondary DIP Facility in order to continue
operations  until the Operating Partnership completes the disposition of certain
of  its  assets in its Chapter 11 proceeding.  BCPM may file a motion requesting
authority  to  make  further  loans  to  the  Operating  Partnership. There can,
however, be no assurance that BCPM will be authorized by the Bankruptcy Court to
make  further  loans  to  the  Operating  Partnership  or  that  the  Operating
Partnership  will  be  authorized  by  the  Bankruptcy  Court  to  make  further
borrowings  from  BCPM.

   Under the Registrant's Amended and Restated Agreement of Limited Partnership,
the  Registrant is to dissolve and wind up its affairs upon, among other events,
the bankruptcy of the General Partner or the sale of all or substantially all of
the  assets and properties of the Operating Partnership.  It is anticipated that
the Registrant will be dissolved in 2002 or thereafter.  As previously reported,
it  is  not  expected  that  Unitholders  of  the  Registrant  will  receive any
distribution from the Chapter 11 proceedings, the dissolution of the Registrant,
or  otherwise.

















































                                    SIGNATURE



Pursuant  to  the  requirements  of  the  Securities  Exchange  Act of 1934, the
registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  hereunto  duly  authorized.




                          BORDEN  CHEMICALS  AND  PLASTICS  LIMITED  PARTNERSHIP
                          By:  BCP  Management,  Inc.,  its  General  Partner
Date:    April     , 2002
               ----

                          By:/s/
                             --------------------------
                          Robert  R.  Whitlow,  Jr.
                          Vice  President,  Treasurer  and
                          Chief  Financial  Officer