Hong Kong: Japan’s K Line and three John Fredriksen vehicles have all accepted to waive large debts owed by struggling Titan Petrochemicals.
KTL Camden, Edinburgh Navigation and KTL Mayfair have agreed to become unsecured creditors and reduce unpaid bareboat charter hires by 90% for charterer Titan. The three Fredriksen companies have chartered VLCCs to Titan and had taken the Asian petrochemical firm to court to seek unpaid fees.
Meanwhile, K Line, which had signed up for $25m of guaranteed, exchangeable bonds due last year from a Titan subsidiary, also agreed to take a 90 cut in repayments. [06/05/14]