Titan in discussions for new ownership

Hong Kong: Titan Petrochemicals is looking to get a new owner as it tries to swerve away from a potentially fatal lawsuit from one investor, Warburg Pincus. The Hong Kong-based energy shipper is suffering from huge debts and Warburg Pincus, which owns around 10% of the company, has initiated a lawsuit that could see Titan being wound up. Titan, however, claims it has received a non-binding offer to control the company and is discussing the issuance of new shares to the unnamed investor.

Titan has assets of about $825m and liabilities of around $992m.  A second Titan tanker was arrested last week while the chairman and founder of the firm Tsoi Tin Chun resigned on July 3. [16/07/12]

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