Released on August 9th, 2012
GUANGZHOU, China and HONG KONG, Aug. 9, 2012 /PRNewswire-Asia/ ? SouthernPec Corporation (?SP?) and Saturn Storage Limited (?SSL?), an affiliate of Warburg Pincus LLC (?Warburg Pincus?), today announced that the two companies have entered into a joint venture agreement and formed a joint venture entity (?Joint Venture?) for the purpose of submitting a joint restructuring proposal (?Proposal?) to the liquidators (?Liquidators?) of Titan Group Investment Limited (In Liquidation) (?TGIL? or ?StorageCo?). This joint venture is being formed in order to implement such Proposal (if such Proposal is accepted), in conjunction with the Liquidators, in as expedited manner as possible.
The Liquidators, Messrs Patrick Cowley, Edward Middleton and Russell Crumpler of KPMG and Mr. Stuart McKellar of Zolfo Cooper, were appointed as liquidators of TGIL by order of the Eastern Caribbean Supreme Court in the High Court of Justice, British Virgin Islands, on July 16, 2012.
The Proposal, which would allow the Joint Venture to provide StorageCo with contingent working capital, professional management and a practicable restructuring plan, is designed to facilitate the continuation of TGIL and/or its subsidiaries (the ?TGIL Group?) as a viable going concern in the current insolvent state and operational difficulty, and to ensure the benefits of all stakeholders through business reorganization and development The Proposal includes (inter alia) the provision of working capital to assist with the immediate liquidity needs of the TGIL Group.
Post completion of the Proposal, it is the intention of both SP and Warburg Pincus to continue to support TGIL, and enable it to continue its growth and become the preeminent oil storage company in China, and ultimately Asia.
Mr. Xiao Liangping, Chairman and President of SP, said, ?We are pleased to accept the invitation of Warburg Pincus to participate in the TGIL Group?s restructuring plan. We believe that the Proposal that the Joint Venture intends to submit to the Liquidators is comprehensive in terms of the operational and financial support being offered. By working alongside the Liquidators, we are ready to deploy our available resources and extend our excellent relationships with banks to provide customers and lenders with comfort that the TGIL Group?s business will continue to be stabilized.?
Dr. Bo Bai, Executive Director at Warburg Pincus, commented, ?We are delighted to partner with SouthernPec Corporation, a leading owner and operator of large-scale oil products and chemicals storage facilities in China, with substantial industry knowledge, in presenting a proposal to the Liquidators for their consideration. With SP?s experienced senior management team and strong operational team, we are confident that the Joint Venture would be able to help the TGIL Group ride out its current difficult situation and ensure its business continuity. We believe we are very well positioned to assist the Liquidators in ensuring the long term stability of the TGIL Group going forward, which will benefit all stakeholders.?
About SouthernPec Corporation
SP, established in 2002, is an integrated company in the energy and petrochemical industry with business covering trade, logistics, manufacturing and project investment. In 2010, SP was listed in China top 500 and China service top 100.
SP?s storage and logistics business is a comprehensive logistics industrial chain covering storage terminals, land and sea transportation, pipeline transfer and marine fuel supply. The storage business, based on storage functions as the core foundation, extends to bonded warehouse storage, delivery warehouse services, supervised warehouse services, simple oil blending and other value-added services. Since its inception, SP has transformed into an international energy enterprise with operations in China, Asia, Europe, the United States, and Africa.
About SSL
SSL is an affiliate of Warburg Pincus. SSL has invested into StorageCo since 2007 and holds a 50.1% stake in StorageCo, and is also currently StorageCo?s largest creditor.
About Warburg Pincus
Warburg Pincus is a leading global private equity firm focused on growth investing. The firm has more than US$30 billion in assets under management. Its active portfolio of more than 125 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 13 private equity funds which have invested more than US$40 billion in over 650 companies in more than 30 countries.
Since inception, the firm has provided over $6 billion of equity for companies around the world involved in oil and gas exploration and production, midstream, power generation, oilfield technology and related-services, and alternative energy development. Warburg Pincus has been the lead investor in several dozen energy companies including: Antero Resources, Asian American Gas, Bill Barrett Corporation, Canbriam Energy, ElectroMagnetic GeoServices, Fairfield Energy, IMC Limited, Kosmos Energy, MEG Energy, Newfield Exploration, Spinnaker Exploration and Targa Resources.
Since the firm?s first investment in China in 1994, Warburg Pincus has invested in more than US $3 billion in companies including 7 Days Inn, AsiaInfo, Guangzhou R&F Properties, Harbin Pharmaceutical, Intime, Lepu Medical, RDA Microelectronics and China Red Star Macalline.
The firm is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Mauritius, Mumbai, San Francisco, Sao Paulo and Shanghai. For more information, please visit www.warburgpincus.com.
About Titan Group Investment Limited (In Liquidation)
TGIL is a business jointly owned by SSL and Titan Petrochemicals Group, and was placed into liquidation by an order of the Eastern Caribbean Supreme Court in the High Court of Justice, British Virgin Islands, on 16 July 2012.
TGIL has three wholly owned subsidiaries and a number of joint ventures, and has large high-end petrochemical storage terminal facilities in strategic locations including the Pearl River Delta of Guangdong, Fujian, Shanghai and Yantai where there are huge oil demands. The four bases currently have a total capacity of more than 2.7 million cubic meters.
For media enquiries, please contact:
Pui Shan Lee
FTI Consulting
+86 21 5108 8002 ext.178
ps.lee@fticonsulting.com
space shuttle new york courtney upshaw russell wilson catch me if you can delmon young arrested the raven the raven
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.