Saturn Petrochemical, an affiliate of Warburg Pincus, had filed a petition on 5 July against Titan for a winding up order and appointment of liquidators over unpaid debts.
The court has now adjourned the next hearing to 5 September.
“We are pleased that the court has granted an extension. This important decision recognises the complexity of the situation and diverse interests of all the parties involved,” a Titan spokesman said.
Titan is banging its hopes on a significant potential investment into the company through a subscription agreement with China-based Guangdong Zhenrong.
“We note that Saturn Petrochemical refer to their very recently formed joint venture and as yet unpublished plans with SouthernPec, as offering superior returns to StorageCo (Titan Group Investment Limited) stakeholders. Having not seen any details of these plans, we are unable to evaluate whether this is the case. However, we note that Titan's bondholders and shareholders would not derive any benefit from these plans,” the spokesman said.
“We are confident that together Titan and Guangdong Zhenrong offer a far superior solution over the medium and long term for all stakeholders, rather than just those of StorageCo.”
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