Warburg Pincus sets up JV to restructure Titan Petrochemicals
Warburg Pincus affiliate Saturn Petrochemical and SouthernPec Corporation have formed a joint venture to restructure portfolio company Titan Petrochemicals Group. It comes after China's Guangdong Zhenrong Energy made a HK$175 million ($22.57 million) offer for a controlling stake in Titan earlier this month.
It was reported at the time that the oil and commodity trader's acquisition would only take place if court approval was received for a Titan debt restructuring plan. Warburg's law suit against Titan, which...
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