Hong Kong: Hong Kong-listed Titan Petrochemical has announced that the proposed scheme of arrangement between the company and creditors has been sanctioned by the Supreme Court of Bermuda.
"The scheme was sanctioned by the Supreme Court of Bermuda. These positive responses have prompted a new chapter for Titan," said Titan's chairman and ceo Zhao Xu Guang, "The sanction marks a significant milestone and major progress through a highly complicated restructuring exercise. With a view to develop a solid foundation for long-term business development and becoming a leading provider in the offshore and marine industry, after the trading resumed, the management team will continue to work extensively on the revitalization of business.
Titan Petrochemicals is working on a series of restructuring plans with the support of Guangdong Zhenrong Energy. In addition, Titan has formed a strategic alliance with Keppel Offshore & Marine, a wholly-owned subsidiary of Singapore-listed Keppel Corporation. [10/11/14]