World News
Titan Claims Restructuring Progress
Titan Petrochemicals Group Ltd. (Titan) says it has made progress in its restructuring efforts and plans to propose a resumption of trading in its stock.
In a meeting last month, 18 out of 22 creditors expressed support for the company's most recent debt restructuring proposal, with the supporters representing 81.74 percent of the total debt held by the noteholders involved in the meeting.
The company also announced that Guangdong Zhenrong Energy Co. Ltd. (GZE) has agreed to temporarily suspend efforts to collect debt owned by Titan Quanzhou Shipyard in support of the restructuring efforts.
Titan said it will prepare a proposal to allow the resumption of trading in its stock, which has been suspended since June 2012.
Titan also said it has extended a delay in the release of outstanding financial results from 2012 and H1 2013 in connection with audit work being carried out.
It now expects to release the 2012 results by the end of January 2014 and the 2013 results by February 7.
Titan had called the restructuring plan a "last chance" for creditors to support the company before it would likely be liquidated, leaving them with only a few cents on the dollar.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 625.00 | 9.00 | 732.00 | 15.00 |
| Rotterdam | 577.50 | 3.50 | 739.50 | 1.00 |
| Houston | 595.00 | 0.50 | 767.00 | 4.50 |
| Fujairah | 628.50 | 4.00 | 878.50 | 11.00 |
| Global 20 Ports Average | 645.50 | 0.50 | 827.00 | 5.00 |
| Global 4 Ports Average | 606.50 | 0.50 | 779.50 | 0.50 |
| Global Average Bunker Price | 703.50 | 4.00 | 886.00 | 6.00 |
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