Asia/Pacific News
Titan Petrochemicals Announces Successful Restructuring, Return to Hong Kong Stock Exchange
Titan Petrochemicals Group Limited (Titan) [HKG:1192] has announced the successful restructuring of both the company and its debt, and the company shares will return to trading on the Hong Kong Stock Exchange, effective July 15, 2016.
"The Board is pleased to announce that the winding up petition has been withdrawn and the joint and several provisional liquidators has been discharged at midnight on 14 July 2016 (Hong Kong time)," stated the company.
As Ship & Bunker has previously reported, the former bunker player has been struggling for years to pull itself out of financial difficulties.
Guangdong Zhenrong Energy (GZE), is reported to have become the majority shareholder for Titan, along with other parties, for a cumulative 66.5 percent stake.
Debt holders are also said to have accepted shares-for-debt, and now hold a 6.5 percent stake in the company, while Chinese fund manager Chang Xin Asset Management holds an 8.5 percent stake.
