Grand China Logistics (GCL) has failed to make the final payment to acquire China's Titan Quanzhou Shipyard.
Titan Petrochemicals, the sellers of the yard, say it has yet to receive the final payment of CNY972m ($154m) which was due by 31 December 2011.
The outstanding debt includes some $40m GCL was due to pay to acquire 500m shares, or a 6% stake, in Titan as part of the deal.
“While
