World News
Titan to Present "Final" Restructuring Plans
Titan Petrochemicals Group (Titan) will present a "final" restructuring plan to creditors early this month, the South China Morning Post reports.
"A new debt restructuring proposal will be made in early November," said Executive Director Patrick Wong Siu-hung.
"We have been communicating with the creditors and the proposal will aim for a solution that will take care of the interests of all stakeholders."
Titan, which owes more than $400 million, has already reached several deals with Guangdong Zhenrong Energy Co. Ltd. (GDZR) for control of its most valuable assets, leaving it with little of any value to offer other creditors.
GDZR recently took control of Titan Quanzhou Shipyard, which had been the subject of a conflict with other creditors.
Wong did not say what repayment discount the company would propose on its debts, but he said that if creditors do not agree to a restructuring the company may be liquidated, leaving them with only 5 to 10 percent of what they are owed.
Titan, which has been embroiled in legal disputes with creditors for more than a year, named provisional liquidators from PricewaterhouseCoopers last month.
A Bermuda court is scheduled to hear progress of the restructuring effort on December 13.
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| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
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| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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