World News
Adjournment Number 6 for Titan Winding Up Hearing
Titan Petrochemicals Group Ltd. (Titan) [HKG:1192] said in an announcement Monday that the planned March 15, 2013 hearing of a winding up petition brought against it by Warburg Pincus, LLC (Warburg Pincus) has been delayed for a sixth time.
The petition was originally brought against it by Warburg Pincus entity Saturn Petrochemical Holdings Ltd (SPHL) on July 5, 2012.
Titan said that prior to the latest March 15 hearing it had applied to the court to to strike out the petition on the grounds that, even though Warburg Pincus has invested some $215 million business, SPHL itself is not a creditor or contributory of Titan, it has no interest in a winding up of the company, and the proceedings are "an abuse of process."
A date of May 1, 2013 has been set to hear the the strike out application, at which time the winding up petition will also be heard.
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| VLSFO | MGO | |||
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| $/mt | +/- | $/mt | +/- | |
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| 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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