Titan Petrochemicals gets summons to appoint provisional liquidators

By Caroline Salls

Pittsburgh, Sept. 4 - Titan Petrochemicals Group Ltd. has received a summons issued by Saturn Petrochemical Holdings Ltd. to appoint joint provisional liquidators pending the hearing on a Saturn petition to wind up and appoint a provisional liquidator, according to a news release.

The summons was received on Aug. 29.

As previously reported, Saturn Petrochemical, an affiliate of Warburg Pincus LLC, filed a petition on July 5 against Titan Petrochemicals in Bermuda for a winding up order and the appointment of liquidators based on Titan's inability to pay its debts.

Titan's winding up hearing is scheduled for Sept. 5.

Titan is a Hong Kong-based trader of petrochemicals and oil products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.