Titan Petrochemicals Group

Titan readies new proposal to restructure its debt

Titan Petrochemicals executive director Patrick Wong says the board believes the debt restructuring plan to be presented this month will be "final". Photo: Jonathan Wong

Debt-laden Titan Petrochemicals Group, controlled by partially state-owned fuel and metals trader Guangdong Zhenrong Energy, plans to present a new debt restructuring proposal to creditors to whom it owes more than US$400 million.

Monday, 4 November, 2013, 12:25pm

Titan fights liquidation as it seeks return to market

Patrick Wong Siu-hung. Photo: Edward Wong

Titan Petrochemicals says it hopes to have creditors' demands for its liquidation set aside and its shares trading again by the end of the year after it releases its financial results for last year.

15 Apr 2013 - 3:43am

Zhenrong Energy sweetens takeover offer for Titan

Guangdong Zhenrong Energy has sweetened its takeover offer for debt-laden Titan Petrochemicals Group in a bid to fend off a rival offer backed by United States private equity firm Warburg Pincus, a major creditor of Titan.

4 Oct 2012 - 3:11am

Briefs, September 20, 2012

Titan Petrochemicals Group says a Bermuda court adjourned a hearing of a petition to appoint provisional liquidators to administer its assets.

Zhengzhou Coal 'to aim for' US$600m offering

20 Sep 2012 - 2:56am

New bid for Titan storage assets

The saga of the restructuring of debt-ridden fuel trading and logistics company Titan Petrochemicals Group and its crown-jewel fuel storage unit has taken a new twist, with creditor US private equity firm Warburg Pincus forming a joint venture with Titan Petrochemicals' rival SouthernPec to bid for the storage unit.

15 Aug 2012 - 11:23pm

HK$175m offer to take over suspended Titan

Guangdong Zhenrong Energy, a unit of state-owned commodities trader Zhuhai Zhenrong, has offered to pay HK$175 million to take over debt-troubled fuel trading and logistics firm Titan Petrochemicals Group.

The proposed price represents a discount of about 99 per cent to the price Hong Kong-based Titan Petrochemicals shares last traded before they were suspended.

15 Aug 2012 - 11:15pm

Warburg sues Titan for breach of contract

US private equity firm Warburg Pincus, a substantial investor in Titan Petrochemicals Group, is suing the debt-laden fuel-trading and logistics firm and its former chairman Tsoi Tin-chun for misrepresentation and breach of contract over 1.48 billion yuan (HK$1.82 billion) in alleged unauthorised debt guarantees.

21 Jul 2012 - 12:00am

Titan sinks into loss on lower rates

Oil and chemicals trading and logistics firm Titan Petrochemicals Group plunged into a net loss last year on the back of lower tanker rates, higher fuel costs and lower trading margin.

The company, 13.25 per cent owed by United States-based private equity firm Warburg Pincus, yesterday posted a HK$29.1 million net loss, compared with a profit of HK$100.33 million in 2006.

25 Apr 2008 - 12:00am

Titan Petrochemicals banks on returns from US$170m acquisition

Titan Petrochemicals Group, which will seek shareholders' consent this Friday to buy a new shipbuilding, repair and offshore oilfield engineering business from its majority shareholder for US$170 million, expects the business to return its investment within five years, said chief executive Barry Cheung Chun-yuen.

8 Oct 2007 - 12:00am

Titan diversifies with US$170m shipyard deal

Titan Petrochemicals Group said it would buy its parent Titan Oil's shipbuilding start-up venture for US$170 million as it seeks to further diversify from the volatile crude oil transport business.

The announcement came as Titan Petrochemicals reported a 25 per cent decline in first-half underlying profit to HK$48.4 million.

4 Sep 2007 - 12:00am

Results

Today Interim: Beijing Media Corp, China Travel Int'l Investment Hong Kong, Perennial Int'l, Samson Holding, Titan Petrochemicals Group

AGM: Golden Meditech, Grandtop Int'l Holdings, KTP Holdings

Tomorrow 1st Quarter: Digital China Holdings

3 Sep 2007 - 12:00am

Titan eyes US$70m for new projects

Titan Petrochemicals Group plans to spend about US$70 million this year and next to build oil and petrochemicals storages and jetties and buy bunker barges, as it diversifies away from the volatile crude oil transport business.

26 Jan 2007 - 12:00am

In Brief

Titan petrochemical pays US$17m for bunker barges

5 Jul 2006 - 12:00am

Titan falls on news of bond issue

Oil trader and transport company Titan Petrochemicals Group fell as much as 2.59 per cent yesterday following news that its parent has agreed to sell US$50 million worth of five-year bonds convertible into existing shares in the company.

7 Jul 2005 - 12:00am