Hong Kong: The High Court of the Hong Kong Special Administrative Region has ordered that the proceedings looking into the liquidation of Titan Petrochemicals be delayed for 90 days from 10 November to 8 February “to enable the parties to attempt mediation by the parties' consent”, the troubled firm said in a statement today.
The news follows last week’s announcement that the Supreme Court of Bermuda has delayed the case into its liquidation, brought about by a key investor, from 16 November to 15 February next year.
Titan is under pressure from an American investor, Warburg Pincus, but maintains a southern state-owned Chinese energy firm is coming to its rescue. [19/11/12]
