However, Titan, crucially declined to reveal the "hair cut" or proportion of debt write-offs it is proposing.
Titan executive director Patrick Wong was quoted as saying in local media that the board believed the debt restructuring plan would be "final". To an extent, his hand has been forced as Titan's move comes after state-linked company Guangdong Zhenrong quietly took control of Titan's best assets, including its shipyard business.
With few assets of any value left, if liquidation ensues, shareholders will be left with nothing and creditors may realise just 5% to 10% of the amounts owed, Wong warned.
"A new debt restructuring proposal will be made in early November," he said. "We have been communicating with the creditors and the proposal will aim for a solution that will take care of the interests of all stakeholders," he was quoted as saying.
A Bermuda court will hear progress of Titan's restructuring plans on 13 December.