World News
Titan Woes Mount As Judge Orders StorageCo Liquidation
Titan Petrochemicals Group Ltd. (Titan) [HKG:1192] said in a press release Friday that a court hearing in the British Virgin Islands has ruled its StorageCo entity is to be liquidated following a winding up petition brought against it by U.S. private equity firm Warburg Pincus, LLC, (Warburg Pincus).
The statement said, "Russell Crumpler of KPMG (BVI) Limited, Edward Middleton and Patrick Cowley of KPMG be appointed as joint and several liquidators of StorageCo with standard powers under the BVI Insolvency Act 2003. A fourth liquidator, Stuart Mackellar of Zolfo Cooper (BVI) Limited was appointed with limited powers."
The July 16, 2012 hearing had initially resulted in a reserved judgment, with this latest announcement saying the liquidation decision was made on July 17, 2012.
Titan say they responded with a July 18, 2012 filling of a notice of appeal at the Court of Appeal of the Eastern Caribbean Supreme Court and have applied for a stay of execution pending its outcome.
Titan revealed last week it had received an offer from Guangdong Zhenrong Energy Co. Ltd (GDZR) of some $200 million for 51% of its business, with these latest developments meaning the terms of that offer are no longer met.
In the press release Titan stressed that despite this, GDZR have said that they remain interested in the investment providing a stay of the liquidation order is granted.
"The parties are continuing to discuss the transactions," Titan said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 644.50 | 1.00 | 782.00 | 10.50 |
| Rotterdam | 590.00 | 10.50 | 750.50 | 9.00 |
| Houston | 608.50 | 11.00 | 777.00 | 10.50 |
| Fujairah | 643.00 | 0.50 | 891.50 | 3.50 |
| Global 20 Ports Average | 658.50 | 3.50 | 848.50 | 2.50 |
| Global 4 Ports Average | 621.50 | 5.50 | 800.50 | 3.00 |
| Global Average Bunker Price | 713.00 | 1.50 | 890.00 | 0.50 |
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