January 3, 2013 [Ship & Bunker] - Titan Petrochemicals Group Ltd. has delayed release of its financial results for the first half of 2012 for the second time as it moves through court proceedings over a petition to wind up the company.
Titan said the results, which had previously been delayed and planned to be released by December 2012, are now expected to be provided by March 2013.
The company said it is unable to prepare accurate results until it knows the outcome of the winding up petition brought against it by Saturn Petrochemical Holdings Ltd. (SPHL), a subsidiary of U.S. private equity firm Warburg Pincus LLC.
The Supreme Court of Bermuda adjourned a hearing on that issue for the fourth time in November, this time delaying it until February 12, 2013. Under fire from Warburg Pincus over alleged misrepresentations regarding its financial position, Titan suspended trading of its stock in June, 2012, and its chairman and founder, Tsoi Tin Chun, resigned in July last year.
