Fredriksen takes Titan haircut

Three John Fredriksen-related companies have agreed to accept haircuts on debts held by Titan Petrochemicals.
John Fredriksen

John Fredriksen

The Fredriksen vehicles will receive only 10 HK cents for every HKD 1 (13 US cents) or only 10% under the agreement.

The Fredriksen vehicles involved are KTL Camden, Edinburgh Navigation and KTL Mayfair.

Details of the settlements were disclosed in a regulatory filing to the Hong Kong Stock exchange by Titan Petrochemicals.

The Fredriksen-related debts relate to claims against Titan Storage Ltd (TSL) over VLCC bareboat charters entered into in 2010.

Japanese shipowner K Line has also agreed to take a 90% haircut on debts owned it by the Hong Kong company.

K Line had subscribed to $25m in guaranteed exchangeable notes due 2013 issued by Titan Shipyard Holdings Ltd.

But like the three Fredriksen entities it to will only receive 10 HK cents for every HKD 1 owed as part of Titan’s restructuring.

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