World News
Fourth Adjournment for Titan Hearing
Titan Petrochemicals Group Ltd. (Titan) [HKG:1192] said today that the planned hearing of a winding up petition brought against it by U.S. private equity firm Warburg Pincus, LLC (Warburg Pincus) entity Saturn Petrochemical Holdings Ltd (SPHL) has been adjourned yet again, this time until February 15, 2013.
The hearing was expected to take place on November 16, 2012, with this latest news meaning this is now the forth time that the hearing has been adjourned.
According to the press release, the decision by the Supreme Court of Bermuda was one of a number of things that it ordered, although Titan did not elaborate further.
The petition to wind up Titan's business was filed on July 5, 2012 with Warburg Pincus saying at the time the firm was "insolvent and should be liquidated."
Guangdong Zhenrong Energy Co. Ltd (GDZR) who is currently trying to buy Titan, recently came to agreement with Warburg Pincus over certain Titan shares and assets.
Trading of the Hong Kong listed company's shares remains suspended.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 596.50 | 0.50 | 688.00 | 1.00 |
| Rotterdam | 523.00 | 2.50 | 677.00 | 1.00 |
| Houston | 550.50 | 0.00 | 676.50 | 8.00 |
| Fujairah | 582.00 | 2.50 | 758.50 | 5.50 |
| Global 20 Ports Average | 599.50 | 0.50 | 757.50 | 2.00 |
| Global 4 Ports Average | 563.00 | 1.50 | 700.00 | 4.00 |
| Global Average Bunker Price | 644.50 | 1.50 | 813.50 | 0.50 |
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