Asia/Pacific News
Titan Gets 90 Day Reprieve from Hong Kong Legal Proceedings
Titan Petrochemicals Group Ltd. (Titan) [HKG:1192] said Monday that legal proceedings brought against it in Hong Kong by U.S. private equity firm Warburg Pincus, LLC (Warburg Pincus) have been put on hold for a period of 90 days "to enable the parties to attempt mediation by the parties' consent."
The order was effective November 10, 2012 and expires on February 8, 2013, although either party can lift the stay by giving three days notice.
Titan said the order by the High Court of Hong Kong Special Administrative Region was made "amongst others" without elaborating further.
Trading in the company's shares remains suspended.
Warburg Pincus brought legal action against Titan in Hong Kong in July of this year, claiming breach of contract and misrepresentations regarding the financial position of some of its subsidiaries, including British Virgin Islands entity StorageCo, although agreement over that particular entity seems to have been reached.
Warburg Pincus has also brought a winding up petition against Titan in Bermuda, and earlier this month that was adjourned for a forth time until February 15, 2013.
