Hong Kong: Titan bondholders have come out in support of selling the firm rather than liquidating it.
Jonathan Chia Croft, the chief investment officer of London-based investment company AdviCorp Plc which is one the bondholders, said in a statement received by SinoShip News: “We are moving towards a set of terms that will deliver a materially better outcome for bondholders than under a liquidation of Titan. We believe that the liquidation of Titan is not in the best interests of the wider range of stakeholders including creditors, shareholders and employees.”
One shareholder, Warburg Pincus, has moved to try and liquidate debt-laden Titan. However, Guangdong Zhenrong Energy has since offered as much as HK$200m for a controlling stake to bail the company out. [14/08/12]