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Conyers advised Titan Petrochemicals Group Limited on Bermuda and BVI law aspects of its US$315 million debt restructuring, which completed on July 27, 2010.
The restructuring was complex and long-drawn due to the different interest of each of the various stakeholders involved – namely, the bondholders in the Group’s 2008 high-yield bond issue, existing PE investor, Warburg Pincus – and the fact that there are no lead investors in the recent successful bond offering. Additionally, there were a number of revisions required in the restructuring proposal before Titan Petrochemicals was able to get the various stakeholders to accept the deal.
Conyers advised Titan Petrochemicals and its 23 key subsidiaries on the multi-jurisdictional aspects of the transaction and security documentation.
Titan Petrochemicals Group Limited is a provider of oil logistics and marine services in the Asia Pacific region, particularly in China and also operates one of the largest ship repair yards in the world, based in Quanzhou, Fujian.