$410M Deal For Titan Hinges On Liquidation Suit

Law360, New York (August 8, 2012, 3:05 PM EDT) -- Titan Petrochemicals Group Ltd agreed to sell itself to a Chinese energy company in a deal worth about $410 million, Titan said Wednesday — but the transaction will hinge on whether a judge grants a private equity investor's request to liquidate it instead.

Guangdong Zhenrong Energy Co. Ltd has agreed to pick up 7 million of Titan's shares for 127 million Hong Kong dollars ($225.6 million) and pony up $40 million in interim financing to its subsidiaries, per a subscription agreement. Additionally, it has offered to...
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