World News
Third Adjournment for Titan Hearing
Titan Petrochemicals Group Ltd. (Titan) [HKG:1192] said Wednesday the planned September 18, 2012 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 for a third time.
Titan said the new hearing at the Supreme Court of Bermuda is now scheduled for November 16, 2012, with the adjournment made by consent of SPHL as petitioner and Titan as respondent.
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."
The first hearing of the liquidation petition was on August 16, 2012 but the court adjourned the hearing until September 5, 2012 with a Titan company spokesman saying then that the decision "recognises the complexity of the situation and diverse interests of all the parties involved."
That hearing was adjourned to September 18, 2012 with SPHL's consent, with SPHL's application to appoint joint provisional liquidators also intended to be heard at that hearing.
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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