World News
Titan Creditor Calls in Loan
A creditor of Titan Petrochemicals Group Ltd. (Titan) has called for immediate or short-term repayment of loans totalling RMB78.1 million ($12.8 million), Titan reports.
Guangdong Zhenrong Energy Co. Ltd (GZE) notified Titan that it reached an agreement in December with Ping An Bank Co. Ltd., which transferred debt owed by Guangzhou Titan totalling RMB42.6 million ($7.0 million) to GZE, and GZE said it is demanding immediate repayment of the loan.
GZE also requested that Titan subsidiary Shengsi Haixin "prepare for punctual repayment" of a loan with the principal amount of RMB35.5 million ($5.8 million) that GZE made in November 2013.
That loan has a five-month term, meaning repayment is due next month.
Titan said it is negotiating with GZE over the loan repayments.
In December, Titan said GZE had agreed to temporarily suspend debt collection efforts to support the company's restructuring plans.
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