Asia/Pacific News
Titan Petrochemicals Sells Shipyard to GDZR
Titan Petrochemicals Group (Titan) says the transfer of its Titan Quanzhou Shipyard and associated debt to Guangdong Zhenrong Energy Co. Ltd (GDZR) is complete, industry news site SinoShip News reports.
China Cinda Asset Management (China Cinda) informed Titan that it had made the transfer of the rights and interests in the shipyard's debts and the collateral and guarantee for the debt to GDZR.
The RMB 1.42 billion ($233 million) debt had been granted from the shipyard to Shanghai Pudong Development Bank and then acquired by China Cinda in August 2013.
The shipyard was the subject of legal proceedings between Titan and Grand China Logistics (GCL).
Titan learned in 2013 that GCL planned to transfer interest in the shipyard to GDZR, but Titan continues to manage the shipyard's business operations, according to the company website.
Titan announced last week that it has named provisional liquidators to review its fiscal position and determine the feasibility of restructuring proposals.
