Hong Kong: Titan Petrochemicals is requesting the courts to arrange a creditor’s meeting in early August in an effort to finalise a restructure and resume stock trading.
Patrick Wong, an executive director of Titan Petrochemicals said the company has hired an experienced team of lawyers at the end of June and will request the court to give a direction to the official creditor meeting on August 8.
“If the official creditor’s meeting passes the restructuring proposal, the next step we will issue new shares to creditors,” Wong said.
Titan Petrochemicals plans to develop an offshore platform manufacturing base at its Quanzhou Shipyard with Keppel Offshore & Marine. However, the precondition is that Titan can complete the restructure and resume its stock trading. [25/07/14]