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Titan to face crucial vote on restructuring plan

Titan to face crucial vote on restructuring plan
Beleaguered Titan Petrochemicals looks like it is approaching the end of its long painful road to rehabilitation, with a firm debt restructuring plan on the table and plans to seek approval for a bondholders' meeting early next month, local media reports said.

The fly in the ointment however is at least half of of the creditors must be present for the proposal to be approved and those with claims totalling at least 75% must agree to it for the plan to succeed. The creditors have been offered cash and share options to settle their claims but these come with discounts or "haircut" of 60% to 90% o f their claims.

Getting the approval is a critical part of Titan's rehabilitation plan which involves getting Keppel Corp to manage their yard for rig building operations. A "Yes" vote is a mutual pre-condition for  this deal to go ahead.