Titan Quanzhou Shipyard ruled to pay $79m to creditor

Titan Quanzhou Shipyard ruled to pay $79m to creditor

Titan Petrochemicals has announced that subsidiary Titan Quanzhou Shipyard has received a civil judgment from Fujian Provincial People’s High Court in a debt dispute between parent company Guangdong Zhenrong Energy and creditor Xiamen Jincai Investment Company.

According to Titan Petrochemicals, Guangdong Zhenrong Energy is indebted to Jincai Investment, which filed legal proceeding against Quanzhou Shipyard demanding debt repayment.

The court has approved Jincai’s request and ordered Quanzhou Shipyard to repay RMB527.6m ($79m) of loan principal and interest to Jincai.

Titan Petrochemicals said it is seeking legal advice and assessing any significant impact the judgment may have on the company.

In September, the High Court of Hong Kong ordered to wind up Guangdong Zhenrong Energy, according to petitions filed by Industrial Bank.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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