Titan Petrochemicals Should Be Liquidated, Warburg Pincus Says

Titan Petrochemicals Group Ltd. should be liquidated because the Hong Kong-listed company is insolvent, private equity firm Warburg Pincus LLC said in a lawsuit.

Saturn Petrochemical Holdings Ltd., a Warburg special purpose vehicle, filed a winding-up petition in the Supreme Court of Bermuda on July 5, according to a copy obtained by Bloomberg News. Li Mingxia, a spokeswoman in Beijing for the New York-based firm, confirmed the document. A call to the Supreme Court of Bermuda outside office hours wasn’t answered.