World News
Titan Announces "Last Chance" Restructuring Plan
Titan Petrochemicals Group Ltd (Titan) has announced a new debt restructuring proposal that it says will allow it to move forward on new business opportunities including oil rig manufacturing in Asia.
Creditors will determine whether to agree to the plan at a meeting on Wednesday, November 27.
The plan would recognise all senior notes and unsecured claims, with holders of existing notes receiving either HK$0.10 ($0.013) in cash and HK$0.30 (0.039) in new shares or HK$0.20 ($0.026) cash and HK$0.10 ($0.013) in shares for every $HK1 ($0.13) of their claims.
Holders of unsecured claims would receive HK$0.10 ($0.013) for every HK$1.00 ($0.13) in claims held.
"The board of Titan has taken into consideration the interests of all creditors, shareholders, employees and other stakeholders before putting forward the new debt restructuring proposal," said CEO Tang Chao Zhang.
"Given that the next hearing of the Bermuda court on the winding-up petition will be held on 13 December 2013, we believe that the forthcoming creditors' meeting would likely be the last chance for creditors to indicate their support for a restructuring and prospective future of Titan."
The company said it will seek to terminate a sale and purchase agreement relating to the Titan Quanzhou shipyard, which would allow Titan to continue operations of the shipyard and work with an Asian player to pursue work in the manufacture of oil rigs, as well as other future opportunities.
Titan has said that if its creditors do not agree to a settlement, the company is likely to be liquidated, leaving them with only 5 to 10 cents on the dollar.
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