Warburg forms JV to restructure Titan subsidiary
Warburg Pincus has formed a joint venture with SouthernPec Corporation as part of a restructuring proposal to the liquidators of Titan Group Investment Limited (TGIL), a business jointly owned by Warburg Pincus’ affiliate Saturn Storage and Hong Kong-listed Titan Petrochemicals. The news comes just a day after China’s Guangdong Zhenrong Energy agreed to pay more than $207 million for a controlling stake in Titan Petrochemicals.
If the joint proposal is accepted, it is expected to provide TGIL - which was placed into liquidation - with contingent working capital, management and a restructuring plan. Warburg Pincus and SouthernPec...
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