Private equity firm Warburg Pincus, which has invested more than $215m in the Titan group of companies since 2007, through its special purpose firm Saturn Petrochemical Holdings filed the winding up petition in early July to the Supreme Court of Bermuda, according to a Bloomberg report.
A spokeswoman from Titan declined to confirm the suit filed by Warburg Pincus.
Trading of shares in Hong Kong-listed Titan has been suspended since 19 June.
Troubled by a lack of cashflow, Titan defaulted on HK$825.8m ($106.5m) of principal and HK$35.1m in interest due on its US dollar bonds in March.
The company, which operates onshore oil terminals and supplies marine fuels, posted a full year net loss of HK$783.3m on 11 May.
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