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Saturn Petrochemical Holdings Limited And SouthernPec Corporation Unveil Plan To Restructure Titan Petrochemicals Group Limited (“ListCo”)

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– Compelling restructuring plan to deliver significant advantages to stakeholders

– Opportunity to leverage synergies between SouthernPec Corporation and ListCo

– Raising asset productivity and enhancing business to assist ListCo’s rapid return to profitability and long term growth

GUANGZHOU, China and HONG KONG, Aug. 27, 2012 /PRNewswire-Asia/ — Saturn Petrochemical Holdings Limited (“SPHL”), an affiliate of Warburg Pincus LLC (“Warburg Pincus”), and SouthernPec Corporation (“SP”) today announced that a joint venture company ( “Joint Venture Co”) has been formed for the purposes of submitting a detailed proposal (“Proposal”) to restructure Titan Petrochemicals Group Limited (SEHK: 1192, “ListCo”) to court appointed restructuring professionals.

ListCo is currently insolvent, and has experienced three failed debt restructurings in the past three years, with aggregate net losses of over USD452 million in the past five years.

The Proposal includes (as set out in more detail below) the Joint Venture Co subscribing for new equity in ListCo, injection of capital, a comprehensive restructuring of ListCo’s debts, and a tender offer to existing creditors for an immediate cash return in respect of a proportion of their respective claims. It provides ListCo the ability to implement a genuine restructuring on an expedited basis under the supervision of the court, and gives ListCo the opportunity to continue as a going concern with a substantially reduced debt burden, thereby preserving value for all stakeholders, including creditors, shareholders and employees alike.

The Proposal is to be considered, along with all other available alternative proposals and options, by licensed restructuring professionals who are expected to be appointed as joint provisional liquidators (“JPLs”) of ListCo by the Bermuda Court on September 5, 2012, pursuant to a petition and a summons filed by SPHL on July 5, 2012 and August 24, 2012 respectively. The authority of the Board to act on behalf of ListCo will be immediately revoked on the appointment of the JPLs.

The expected appointment of the JPLs over ListCo on September 5, 2012 follows steps successfully taken by Saturn Storage Limited (another Warburg Pincus affiliate) on July 16, 2012 to have liquidators appointed over ListCo’s main subsidiary, Titan Group Investment Limited (“TGIL”), again in order to effect the implementation of a viable restructuring.

Mr. Xiao Liangping, Chairman and President of SP, a market leader in trading, large-scale storage and shipping logistics of oil products and chemicals, said: “We are delighted that Warburg Pincus has invited us to join forces in the proposed restructuring of ListCo. We believe significant synergies exist between SP’s current businesses and those of ListCo. Through injection of capital, potential injection of assets, deployment of an experienced management team and the development of a blueprint for growth, the joint venture will provide necessary operational and financial support to rescue ListCo from financial insolvency, help return ListCo to profitability and to build its long term potential.”

Dr. Bo Bai, Executive Director from Warburg Pincus, commented: “The joint venture Proposal delivers superior returns when compared to the alternative being offered by ListCo. By partnering with SouthernPec Corporation, we will offer ListCo the opportunity to turn its declining business into a successful enterprise with a profitable future and bright prospects for accelerated growth. However, this opportunity can only be achieved with the appointment of independent, third parties with specialized restructuring expertise who would manage ListCo in the best interests of shareholders, bondholders, creditors and other stakeholders, pending the implementation of the restructuring plan. ”

Highlights of the Proposal:

— A Joint Venture Co will subscribe to new equity comprising of
88% of ListCo’s post-dilution equity for a consideration of
HKD208 million (approx. USD26.84 million) in cash and up to
HKD382 million (approx. USD49.28 million) of SPHL’s claims
under ListCo preferred shares it holds. Subscription price
will be HKD0.1 per share after capital reorganization
(“Subscription Price”);
— SPHL’s creditor claim against ListCo will be converted to equity,
SPHL will no longer have an outstanding creditor claim,
therefore ListCo’s total debts will be significantly lowered;
— SPHL and Saturn Storage will assign the proceeds of any legal
claims against ListCo in excess of USD50 million back to ListCo;
— New Bonds with a face value of 80% and bearing zero interest and
a tenor of 6 years will be issued to scheme creditors;
— A tender will be conducted for the New Bonds in an amount of
USD25 million at up to 40% of their face value;
— USD12.5 million of proceeds from ListCo’s claims in TGIL
(In Liquidation) will be utilized for pro-rata redemption of
the New Bonds at par value;
— In the event that certain conditions (including the consent of the
existing shareholders of ListCo) are not obtained for the
restructuring plan, Joint Venture Co will instead acquire all of
the assets and undertaking of ListCo and itself issue the New
Bonds. The financial terms offered to creditors of ListCo under
the restructuring plan will remain materially the same;
— Replacement of the current ListCo management team with SP’s
experienced management team who have developed a successful and
profitable trading, shipping and logistics business;
— Appointment of provisional liquidators to oversee the restructuring
of ListCo’s assets and debts in a process that is transparent,
fair, and just.

The Proposal demonstrates distinctive advantages over the ListCo’s other proposal:

— Total consideration of the Proposal is approximately HKD590 million,
3.4 times the consideration of ListCo’s other proposal;
— Subscription Price for shareholders 4 times the offer from ListCo’s
other proposal (HKD0.10 vs HKD0.025);
— 25% greater immediate cash recovery for creditors;
— SPHL, potentially the largest single creditor of ListCo, will no
longer be part of the creditor group after conversion of its claim
to equity, thereby increasing the recovery available to other
creditors by approximately 30%;
— Shorter tenor of New Bonds (6 years vs 7-10 years);
— The Proposal is not dependent on ListCo’s shareholder approvals
and the level of recovery is not dependent on the StorageCo’s liquidation;
— Unlike the ListCo’s management who have failed to address the
fundamental problems facing its business and have only tried to
defer the problems yet again, the management of SP has a detailed
operational restructuring plan in place to present to provisional
liquidators in due course that could rapidly return ListCo to
— Strong synergies between SP’s existing businesses and ListCo’s:
— Subsequent to closing of the restructuring plan, SP intends
to inject certain assets including, but not limited to, 4 Very
Large Crude Carriers (VLCCs), 5 refueling ships and 2 chemicals
— Potential to utilize SP’s strong relationships with shipping
companies to increase Shipyard utilization;
— Consolidation in the independent offshore floating storage segment
in Singapore and Malaysia will assist in returning ListCo’s offshore
storage business to profitability;
— Ships potentially injected by SP will provide additional source of
captive ship repair, conversion business for the ListCo Quanzhou
— SP’s plan to expand its existing fleet based on operational
development and market demand also represents a future new source
of construction business for the Shipyard.

About SouthernPec Corporation
SP, established in 2002, is an integrated company in the energy and petrochemical industry with business covering trade, logistics, manufacturing and project investment. In 2010 and 2011, SP was listed in China Top 500 Enterprises.

SP’s storage and logistics business is a comprehensive logistics industrial chain covering storage terminals, land and sea transportation, pipeline transfer and marine fuel supply. The storage business, based on storage functions as the core foundation, extends to bonded warehouse storage, delivery warehouse services, supervised warehouse services, simple oil blending and other value-added services. Since its inception, SP has transformed into an international energy enterprise with operations in China, Asia, Europe, the United States, and Africa.

About SPHL
SPHL is an affiliate of Warburg Pincus. SPHL has invested in ListCo since 2007 and holds a preferred equity stake of 555,000,000 shares with a par value of USD40 million in ListCo.

About Warburg Pincus
Warburg Pincus is a leading global private equity firm focused on growth investing. The firm has more than US$30 billion in assets under management. Its active portfolio of more than 125 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 13 private equity funds which have invested more than US$40 billion in over 650 companies in more than 30 countries.

Since inception, the firm has provided over $6 billion of equity for companies around the world involved in oil and gas exploration and production, midstream, power generation, oilfield technology and related-services, and alternative energy development. Warburg Pincus has been the lead investor in several dozen energy companies including: Antero Resources, Asian American Gas, Bill Barrett Corporation, Canbriam Energy, ElectroMagnetic GeoServices, Fairfield Energy, IMC Limited, Kosmos Energy, MEG Energy, Newfield Exploration, Spinnaker Exploration and Targa Resources.

Since the firm’s first investment in China in 1994, Warburg Pincus has invested in more than US $3 billion in companies including 7 Days Inn, AsiaInfo, Guangzhou R&F Properties, Harbin Pharmaceutical, Intime, Lepu Medical, RDA Microelectronics and China Red Star Macalline.

The firm is headquartered in New York with offices in Amsterdam, Beijing, Frankfurt, Hong Kong, London, Luxembourg, Mauritius, Mumbai, San Francisco, Sao Paulo and Shanghai. For more information, please visit

For media enquiries, please contact:

Pui Shan Lee Ray Bashford
FTI Consulting FTI Consulting
+86 21 5108 8002 ext.178 +852 3768 4536

Ed Trissel Jeffrey Smith
Warburg Pincus Warburg Pincus
+1 212.878.9288 +1 212.878.9205

SOURCE﹛Saturn Petrochemical Holdings Limited; SouthernPec Corporation

Written by asiafreshnews

August 28, 2012 at 12:08 pm

Posted in Uncategorized

World Water Week Opens With Call for Global Action to Reduce Food Waste

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STOCKHOLM, Aug. 27, 2012/PRNewswire-Asia/ —

Global leaders assembled today at the opening session of the 2012 World Water Week in Stockholm called for substantial increases in public and private sector investment to reduce losses of food in the supply chain, enhance water efficiency in agriculture and curb consumer waste.

Over two thousand politicians, CEOs, scientists and leaders of international organisations from more than 100 nations are gathering in Stockholm, Sweden, for the annual World Water Week, which this year focuses on “Water and Food Security”.

Today, over 900 million people suffer from hunger and two billion more people face serious health risks from undernourishment. At the same time, 1.5 billion people overeat and over one-third of all food is lost or wasted.

“More than one-fourth of all the water we use worldwide is taken to grow over one billion tons of food that nobody eats. That water, together with the billions of dollars spent to grow, ship, package and purchase the food, is sent down the drain,” said Mr. Torgny Holmgren, Executive Director of the Stockholm International Water Institute (SIWI), the organiser of the World Water Week in Stockholm.

“Reducing the waste of food is the smartest and most direct route to relieve pressure on water and land resources. It’s an opportunity we cannot afford to overlook,” he added.

In the over 100 sessions set to take place throughout the week, the convening experts will debate and showcase solutions to ensure that the planets limited water resources can meet the needs of growing economies and support a healthy global population. During the week, H.M. King Carl XVI Gustav of Sweden will present the Stockholm Water Prize to the International Water Management Institute, IWMI, for their work to improve agriculture water management, enhance food security, protect environmental health and alleviate poverty in developing countries. Other prizes that will be presented during the week are the Stockholm Junior Water Prize – which is given to one national team from 27 competing nations, and the Stockholm Industry Water Award, which will be presented this year to PepsiCo for their efforts to reduce water consumption in their operations and to help solve water challenges on a broad scale.

Read the full press release at For press kit, background facts, photos and video, visit:

SOURCE﹛Stockholm International Water Institute

Written by asiafreshnews

August 28, 2012 at 11:14 am

Posted in Uncategorized

Daiichi Sankyo and Lilly Announce TRILOGY ACS Results Regarding Effient(R) (Prasugrel) in Acute Coronary Syndrome UA/NSTEMI Patients to be Managed Medically without an Artery-Opening Procedure

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Study did not meet primary objective of demonstrating prasugrel superiority over clopidogrel in this patient population

INDIANAPOLIS and TOKYO/PRNewswire-Asia/ — Daiichi Sankyo Company, Limited (TSE: 4568), and Eli Lilly and Company (NYSE: LLY) today announced data from the TRILOGY ACS study, a phase III trial comparing prasugrel plus aspirin to clopidogrel plus aspirin in patients with unstable angina (UA) or non-ST elevation myocardial infarction (NSTEMI), who were managed medically without an artery-opening procedure. At 30 months, 13.9 percent of prasugrel patients versus 16.0 percent of clopidogrel patients experienced the combined primary endpoint of heart attack, stroke or cardiovascular (CV) death in patients under 75 years of age, the primary analysis population (HR=0.91; 95% CI: 0.79-1.05).[1] This outcome was not statistically significant (P=0.21). Different from other large-scale trials, TRILOGY ACS (TaRgeted platelet Inhibition to cLarify the Optimal strateGy to medicallY manage Acute Coronary Syndromes) prospectively studied only the UA/NSTEMI population medically managed without revascularization (percutaneous coronary intervention (PCI) or coronary artery bypass graft (CABG) surgery).[2] Results of this study were published in the New England Journal of Medicine and also presented during a late-breaking session at the ESC Congress 2012 (European Society of Cardiology) in Munich, Germany.

From a safety perspective, TRILOGY ACS showed that rates of TIMI major bleeding events (including life-threatening or fatal bleeds) did not differ significantly between the prasugrel plus aspirin and clopidogrel plus aspirin treatment groups in patients less than 75 years of age or in the overall study population.[1] In patients under age 75, non-CABG TIMI major bleeding occurred in 2.1 percent of prasugrel patients versus 1.5 percent of clopidogrel patients (HR=1.31, 95% CI: 0.81-2.11, P=0.27).[1] However, the rates of TIMI major or minor bleeding were higher in patients treated with prasugrel (3.3 percent of prasugrel patients versus 2.1 percent of clopidogrel patients; HR=1.54; 95% CI: 1.06-2.23; P=0.02).[1]
“TRILOGY ACS was designed to evaluate dual oral antiplatelet therapy in UA/NSTEMI patients who are managed medically without revascularization,” said E. Magnus Ohman, M.D., Duke Clinical Research Institute and Chairperson of the TRILOGY ACS trial. “While the study did not demonstrate prasugrel was superior to clopidogrel in these patients, TRILOGY ACS provided some additional observations in this previously understudied population. The delayed treatment effect beyond 12 months observed in TRILOGY ACS had not been seen in earlier studies of shorter duration.”
An analysis performed to account for multiple recurrent ischemic events suggested a lower risk among participants <75 years treated with prasugrel (HR=0.85; 95% CI: 0.72-1.00; P=0.044).[1]
A post-hoc exploratory analysis observed a trend for a lower risk in heart attack, stroke and death among patients treated with prasugrel beyond one year; HRs and 95% CIs for the time period of <12 months versus the time period of >12 months comparing prasugrel versus clopidogrel for the primary efficacy endpoint were 0.99 (0.84-1.16) versus 0.72 (0.54-0.97) (interaction P=0.07).[1]
“Large-scale clinical trials in understudied populations, such as TRILOGY ACS, are important regardless of the result because they generate a sizeable amount of information for the medical community,” said J. Anthony Ware, M.D., Group Vice President and Cardiovascular/Acute Care Platform Leader, Eli Lilly and Company. “We look forward to presenting additional data from the platelet function sub-study, analyses of the elderly population data, as well as genomics information in future peer-reviewed forums.”
“While this is not the outcome we anticipated, we believe this study contributes to the knowledge base about ACS patients who are medically managed,” said Glenn Gormley, M.D., Ph.D., Global Head of Research & Development and Senior Executive Officer, Daiichi SankyoCompany, Limited. “The group of patients in the TRILOGY ACS trial is different from those who participated in the prior TRITON-TIMI 38 trial, where almost all ACS patients underwent percutaneous intervention.”
The TRILOGY ACS study was conducted by Daiichi Sankyo and Eli Lilly and Company in conjunction with the Duke Clinical Research Institute, one of the world’s leading academic clinical research organizations and a part of Duke University Medical Center in Durham, North Carolina, United States. Granted marketing authorization by the European Commission in February 2009, Efient® (prasugrel), co-administered with acetylsalicylic acid (ASA), is indicated for the prevention of atherothrombotic events in patients with acute coronary syndrome (ACS) (i.e. unstable angina, non-ST segment elevation myocardial infarction [UA/NSTEMI] or ST segment elevation myocardial infarction [STEMI]) undergoing primary or delayed percutaneous coronary intervention (PCI).[3] The Efient indication is based on the results of the TRITON-TIMI 38 trial.
TRILOGY ACS (TaRgeted platelet Inhibition to cLarify the Optimal strateGy to medicallY manage Acute Coronary Syndromes) began in June 2008 and reached a total enrollment of 9,326 patients at more than 900 hospitals in 52 countries worldwide.[2]
TRILOGY ACS was a multi-center, double-blind, randomized, controlled trial to evaluate the safety and efficacy of prasugrel plus aspirin compared to clopidogrel plus aspirin in UA/NSTEMI patients who were to be medically managed without revascularization.[2] The primary endpoint was the time to occurrence of the first instance of the composite endpoint of CV death, heart attack or stroke.[2] The sample size in the trial was selected to detect a 22 percent relative risk reduction in patients treated for up to 30 months with prasugrel compared with clopidogrel.[2]
Inclusion criteria for the study included at least one of the following high-risk features in UA/NSTEMI patients: age greater than 60 years, prior myocardial infarction, diabetes mellitus, and/or prior revascularization (PCI or CABG).[2] Exclusion criteria included planned PCI or CABG, STEMI as the initial event, and medical management decision more than 72 hours after onset of event without clopidogrel treatment.[2]
Prasugrel loading and maintenance dosages in TRILOGY ACS were adjusted for the medically managed patient population enrolled and differ from the current indicated dosages for ACS-PCI patients.[2] Patients under the age of 75 and weighing more than 60 kg received a 10 mg maintenance dose of prasugrel. Prasugrel dosage adjustments (5 mg) were made for very elderly patients (75 years of age and older) and for those <60 kg; patients with prior TIA/stroke were excluded.[2]
The current prasugrel indication in ACS patients intended for planned PCI, is a single 60 mg loading dose (LD) followed by a once-daily 10 mg maintenance dose (MD).[3] A single 60 mg loading dose of prasugrel followed by a maintenance dose of prasugrel at a 5 mg once daily dose, co-administered with aspirin, should be used in lower weight patients (<60 kg) with ACS-PCI.[3]
Safety endpoints evaluated included bleeding as measured by GUSTO and TIMI criteria; plus systematic collection of neoplasm data (all suspected events to be adjudicated by an Oncology Clinical End Point Committee).[2]
More than 90 percent of the patients in the study were treated with clopidogrel prior to randomization, per the guidelines for secondary prevention.[1] Although all patients in the study were committed to be treated medically without revascularization for the index event, a small percentage of patients less than 75 years of age underwent revascularization (7.9 percent) after randomization.[1]
More information on the TRILOGY ACS trial and its design is available at:
About prasugrel
Daiichi Sankyo Company, Limited, and Eli Lilly and Company co-developed prasugrel, an oral antiplatelet agent discovered by Daiichi Sankyo and its Japanese research partner, Ube Industries, Ltd. Prasugrel helps keep blood platelets from clumping together and developing a blockage in an artery. The European Commission granted marketing authorization for prasugrel for the prevention of atherothrombotic events in patients with ACS undergoing PCI, in combination with aspirin, in 2009.[3] To date prasugrel has been approved in more than 65 countries worldwide.
About Acute Coronary Syndromes
Acute coronary syndrome includes heart attacks and unstable angina (UA, chest pain). Heart attack is a major manifestation of coronary heart disease (CHD), which occurs when the arteries become narrowed or clogged by cholesterol and fat deposits. In some cases the plaque can rupture, resulting in a blood clot which may partially or totally block the blood supply to portions of the heart, resulting in ACS.[4] There are two main types of heart attack: Non-ST-segment elevation, or NSTEMI, and ST-segment elevation, or STEMI.[4] STEMI heart attacks are often considered more severe as the artery is often fully blocked, preventing blood flow to the heart.
CHD is the single most common cause of death in the European Union, accounting for more than 741,000 deaths in the EU each year.[5] ACS affects more than one million people in the United States annually.[6] In Korea, the total number of ACS events rose by 70 percent in just five years (2004 – 2009).[7]
Many ACS patients undergo PCI to re-open the artery, which usually includes a stent placement. The number of UA or NSTEMI ACS patients worldwide who are managed without acute coronary interventions, such as PCI, has ranged from 32 percent to almost 60 percent over the last few years.[8],[9] In many cases, these ACS patients may have complex coronary anatomy, comorbidities or other high-risk factors that prevent PCI or surgical intervention.[9]
About Daiichi Sankyo
The Daiichi Sankyo Group is dedicated to the creation and supply of innovative pharmaceutical products to address the diversified, unmet medical needs of patients in both mature and emerging markets. While maintaining its portfolio of marketed pharmaceuticals for hypertension, hyperlipidemia, and bacterial infections, the Group is engaged in the development of treatments for thrombotic disorders and focused on the discovery of novel oncology and cardiovascular-metabolic therapies. Furthermore, the Daiichi Sankyo Group has created a “Hybrid Business Model,” which will respond to market and customer diversity and optimize growth opportunities across the value chain. For more information, please visit
About Eli Lilly and Company
Lilly, a leading innovation-driven corporation, is developing a growing portfolio of pharmaceutical products by applying the latest research from its own worldwide laboratories and from collaborations with eminent scientific organizations. Headquartered in Indianapolis, Ind., Lilly provides answers – through medicines and information – for some of the world’s most urgent medical needs. Additional information about Lilly is available at
This press release contains certain forward-looking statements about prasugrel in acute coronary syndrome UA/NSTEMI patients to be managed medically without an artery-opening procedureand reflects Daiichi Sankyo’s and Lilly’s current beliefs. However, as with any pharmaceutical product, there are substantial risks and uncertainties in the process of development and commercialization. There is no guarantee that future study results and patient experience will be consistent with study findings to date or that the product will meet our commercial expectations. For further discussion of these and other risks and uncertainties, see Lilly’s filing with the United States Securities and Exchange Commission and Daiichi Sankyo’s filings with the Tokyo Stock Exchange. Daiichi Sankyo and Lilly undertake no duty to update forward-looking statements.
Effient® is a registered trademark of Eli Lilly and Company.
[1] Roe MT, Armstrong PW, Fox KAA, et al. Prasugrel versus Clopidogrel for Acute Coronary Syndromes without Revascularization. N Engl J Med. Published online August 26, 2012. DOI: 10.1056/NEJMoa1205512.
[2] Chin CT, Row MT, Fox KAA, et al. Study design and rationale of a comparison of prasugrel and clopidogrel in medically managed patients with unstable angina/non-ST-segment elevation myocardial infarction: The TaRgeted platelet Inhibition to cLarify the Optimal strateGy to medicallY manage Acute Coronary Syndromes (TRILOGY ACS) trial. Am Heart J. 2010:160:16-22.
[3] European Medicines Agency. Efient Summary of Product Characteristics. Electronic Medicines Compendium website. Available at: Accessed August 2012.
[4] WebMD Medical Reference in Collaboration with the Cleveland Clinic. Heart Disease: Coronary Artery Disease. Available at: Accessed May 2012.
[5] British Heart Foundation Health Promotion Research Group. European Cardiovascular Disease Statistics 2008. Available at: Accessed May 2012.
[6] Roger VL, Go AS, Lloyd-Jones DM, et al. for the American Heart Association Statistics Committee and Stroke Statistics Subcommittee. Heart disease and stroke statistics – 2012 update. Circulation. 2012;125:e2-e220.
[7] Kim JH et al. A national survey of societal cost of acute coronary syndrome in South Korea. Poster presented at ISPOR 13th Annual European Congress 2010; November 2010; Prague, Czech Republic.
[8] Fox KAA, Steg PG, Eagle KA, et al. Decline in rates of death and heart failure in acute coronary syndromes, 1999-2006. J Am Med Assoc. 2007;297:1892-1900.
[9] Chan MY, Mahaffey KW, Sun LJ, et al. Prevalence, predictors, and impact of conservative medical management for patients with non-ST-segment elevation acute coronary syndromes who have angiographically documented significant coronary disease. J Am Coll Cardiol. 2008;1:369-378.
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Source: Eli Lilly and Company; Daiichi Sankyo

Written by asiafreshnews

August 28, 2012 at 11:12 am

Posted in Healthcare