Asia/Pacific News
Titan Reaches 10% Payback Deal with Creditors
Titan Petrochemicals Group Ltd. (Titan) says it has reached an agreement with three creditors to pay back a tenth of the total amount owed.
KTL Camden Inc. (Camden), Edinburgh Navigation S.A. (Edinburgh) and KTL Mayfair Inc. (Mayfair) agreed to the deal with Titan and its subsidiary, Titan Storage Ltd. (TSL).
The debt arose from bareboat charters the parties agreed to in 2010.
All three companies are controlled by shipping magnate John Fredricksen, according to shipping news site TradeWinds.
Titan also reached an agreement with Kawasaki Kisen Kaisha Ltd. (K-Line) over $25 million in 1 percent guaranteed exchangeable notes due 2013, with the Japanese carrier agreeing to accept the same partial payment of 10 cents on the dollar.
Titan announced late last year that a majority of its creditors had agreed to a restructuring deal that included plans to repay debt at the one-cent-on-the-dollar rate.
