The three vehicle companies under Fredriksen will receive only HKD0.10 for every HKD1, or 10%, owed by Titan’s wholly-owned subsidiary Titan Storage Limited.
The three creditor companies are KTL Camden Inc., Edinburgh Navigation SA and KTL Mayfair.
The claims by the creditors against Titan Storage and Titan arose out of VLCC bareboat charters entered into in 2010, Titan said in a regulatory filing to the stock exchange.
Separately, K Line has also agreed to take a 90% haircut on debts owed by Titan Shipyard Holdings, another wholly-owned company of Titan.
K Line had subscribed to a $25m one per cent guaranteed exchangeable notes due 2013 issued by Titan Shipyard, and the Japanese line will receive only HKD0.10 for every HKD1 owed to it.
Trading in the ordinary shares of Hong Kong-listed Titan continues to remain suspended since 19 June 2012 until further notice.
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