Titan Petrochemicals has announced that subsidiary Titan Quanzhou Shipyard has received a civil judgment from Fujian Provincial People’s High Court in a debt dispute between parent company Guangdong Zhenrong Energy and creditor Xiamen Jincai Investment Company.
According to Titan Petrochemicals, Guangdong Zhenrong Energy is indebted to Jincai Investment, which filed legal proceeding against Quanzhou Shipyard demanding debt repayment.
The court has approved Jincai’s request and ordered Quanzhou Shipyard to repay RMB527.6m ($79m) of loan principal and interest to Jincai.
Titan Petrochemicals said it is seeking legal advice and assessing any significant impact the judgment may have on the company.
In September, the High Court of Hong Kong ordered to wind up Guangdong Zhenrong Energy, according to petitions filed by Industrial Bank.