Titan Bondholders Said to Favor Stake Sale
Owners of Titan Petrochemicals Group Ltd.’s debt favor selling a stake in the company over its liquidation, a member of the bondholders committee said today.
Saturn Petrochemical Holdings Ltd., a special-purpose vehicle of New-York based private-equity firm Warburg Pincus LLC, has asked the Supreme Court of Bermuda to liquidate Titan after it defaulted on HK$825.8 million ($106 million) of principal and HK$35.1 million in interest due on its U.S. dollar bonds on March 19.
“The liquidation of Titan is not in the best interests of the wider range of stakeholders including creditors, shareholders and employees,” Jonathan Chia Croft, the chief investment officer of London-based investment company AdviCorp Plc, said in an email today. Croft declined to disclose the size of AdviCorp’s holding in Titan’s debt.