Titan bondholders vote against liquidation
Titan Petrochemicals Group Ltd. (Titan) [HKG:1192] said today that "an overwhelming proportion" of its bondholders have voted against the proposed liquidation of the company at a poll held on July 25, 2012, Ship & Bunker reports.
The move follows U.S. private equity firm Warburg Pincus, LLC, (Warburg Pincus) filling a petition in the Supreme Court of Bermuda on July 5, 2011 to wind up the business of Titan "as it is insolvent and should be liquidated."
Titan said it was been able to identify most bondholders and a majority responded to the poll which followed the third in a recent series of conference calls with its bondholders on July 20, 2012.
Patrick Wong Siu Hung, Executive Director of Titan, commented, "We are very encouraged by the strong support from our bondholders. We believe that the proposed investment by Guangdong Zhenrong Energy, as a substantial and established player in the oil trading, commodities trading and logistics industry, represents the best option for the Company and its creditors."
"Successful implementation of this proposed investment would create a stable platform from which Titan can ride-out the current turbulent market conditions and develop its business, for the long-term benefit and in the best interests of all our stakeholders," he concluded.
Titan has US$166 million worth of bonds outstanding.