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HomeMaritime NewsRegionsAsiaTitan appoints Nomura to draw up refinancing plan

Titan appoints Nomura to draw up refinancing plan

Titan appoints Nomura to draw up refinancing plan
Hong Kong: Downstream logistics firm Titan Petrochemicals Group has engaged Nomura International (Hong Kong) as its sole financial adviser following a payment default by Grand China Logistics.

Nomura is expected to help Titan with the structuring and implementation of the company's refinancing plan.

“In addition to the appointment of the financial adviser, the company has been and continues to be in active discussions with a number of potential investors in the company and/or its subsidiaries,” Titan said in a statement.

Grand China Logistics had failed to pay RMB972.05m ($153.73m) which were due by 31 December 2011. The payment default has caused Titan to be unable to meet its debt repayment obligations of $105.87m in principal amount in senior notes which had matured on 19 March, and preferred shares redeemable at $39.85m at any time from 22 June.

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