World News
Titan Names Provisional Liquidators
More than a year after its shares were suspended from trading over a dispute with creditors, Titan Petrochemicals Group Ltd. (Titan) says that, as a result of court proceedings in Bermuda, it has appointed provisional liquidators to review the company's fiscal position and assess the feasibility of restructuring proposals.
The liquidators, Garth Calow and Allison Tomb of PricewaterhouseCoopers, will also monitor the continuation of the company's business and work with the corporate board, creditors, and shareholders.
They will be able to see all advance materials on company business, attend board and management meetings, and review the company's books and documents.
The board will continue managing Titan's business, but the liquidators are empowered to report any board actions not in the interests of the company or its creditors to the Bermuda court.
The company's creditors have also created an informal committee with representatives of Advicorp Plc, Nomura International Plc, and Cowell & Lee Advisors Limited as initial members.
In 2012, U.S. private equity firm Warburg Pincus LLC sued Titan for breach of contract and misrepresentations, and trading in shares of the company was suspended.
Since then the company has been embroiled in court proceedings and efforts to restructure, including a failed plan to have Chinese oil trader Guangdong Zhenrong Energy Co. Ltd (GDZR) take control of almost 90 percent of the company.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 502.00 | 4.50 | 617.00 | 5.50 |
| Rotterdam | 457.50 | 2.50 | 623.50 | 6.50 |
| Houston | 469.00 | 3.50 | 623.00 | 2.00 |
| Fujairah | 494.50 | 6.50 | 715.50 | 5.50 |
| Global 20 Ports Average | 526.00 | 3.00 | 712.50 | 11.50 |
| Global 4 Ports Average | 481.00 | 4.00 | 645.00 | 4.50 |
| Global Average Bunker Price | 569.00 | 2.00 | 750.00 | 5.50 |
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