Hong Kong: Titan Petrochemicals has just released news that its bondholders have overwhelmingly voted against the proposed liquidation of the company,
Titan has US$166m worth of bonds outstanding, but has come under pressure from shareholder Warburg Pincus who has filed a lawsuit recently to liquidate Titan. In turn one of China’s top oil traders Zhuhai Zhenrong Energy has proposed to buy out the massively in debt Hong Kong-listed Titan.
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.” [03/08/12]