Sponsored By

Titan reaches debt settlement agreements with Fredriksen vehicles and K Line

Financially troubled downstream logistics firm Titan Petrochemicals Group Limited (Titan) have entered into settlement agreements with three John Fredriksen-related companies and Japan’s Kawasaki Kisen Kaisha (K Line).

Lee Hong Liang, Asia Correspondent

May 6, 2014

1 Min Read
Kalyakan - stock.adobe.com

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.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

Get the latest maritime news, analysis and more delivered to your inbox
Join 12,000+ members of the maritime community

You May Also Like