Titan Petrochemicals announces new restructuring proposal

Hong Kong: Titan Petrochemicals Group today announced key indicative terms of a new debt restructuring proposal for further discussion with creditors and other relevant parties.

A creditors' meeting will be held on November 27 for obtaining indicative consent on the new proposal.

“We believe that the forthcoming creditors' meeting would likely be the last chance for creditors to indicate their support for a restructuring and prospective future of Titan," said Titan's ceo Tang Chao Zhang.

“The company will seek agreement with GZE to terminate the Sale and Purchase Agreement in relation to the equity interest in the subsidiary holding the shipyard. Upon approval, the new debt restructuring plan would enable us to continue operations of the shipyard and pursue the potential oil rig manufacturing cooperation with the industry leading player in Asia, as well as other business opportunities in the long run. We call for support of all parties to this new proposal and look forward to moving forward with all stakeholders in turning a new page," he added. [26/11/13]

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