World News
Fifth Adjournment for Titan Hearing
The planned February 15, 2013 hearing of a winding up petition brought against Titan Petrochemicals Group Ltd. (Titan) [HKG:1192] over seven months ago has been moved to March 15, 2013, the company has said.
Its the fifth adjournment for the hearing, which was brought against Titan by Saturn Petrochemical Holdings Ltd (SPHL), an entity of U.S. private equity firm Warburg Pincus, LLC (Warburg Pincus).
The original filing in the Supreme Court of Bermuda was on July 5, 2012, with Warburg Pincus saying at the time that Titan was "insolvent and should be liquidated."
Titan said the ongoing court proceedings had delayed the release of its financial results for the first half of 2012, and in January said it expected to provide them by March 2013.
It was not immediately clear if this latest adjournment would cause additional delay to the release of the results.
Titan is also facing legal action from Warburg Pincus in Hong Kong.
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