BLT given 90 days to restructure
(Aug 24 2012)
Berlian Laju Tanker (BLT) has gained a stay of execution by an Indonesian Court
in its bid to try to restructure its finances.
At a meeting held in the Central Jakarta District Court on 15th August, an
overwhelming 96% in value of BLT creditors voted in favour of an extension of
the PKPU restructuring process in Indonesia.
This vote will allow discussions to continue with a view to achieving a
successful restructuring of BLT's liabilities, the company said.
It was subsequently sanctioned by the Court on the following day. As a result,
the company and its creditors have a further 90 days to work towards reaching
an agreement on a restructuring plan.
The PKPU process is being undertaken at the same time as restructuring action
is taken in Singapore on a number of BLT’s operating subsidiaries.
The Singapore Courts granted protection, under section 210(10) of the Singapore
Companies Act, in relation to those subsidiaries and, on 2nd July, the
Singapore High Court extended the protection for an additional three months.
This extension was obtained with the approval of the major secured creditors
and is aimed at facilitating the restructuring process, BLT said.
The existing restructuring initiatives will be completed in the coming months,
the company claimed. The proposed terms are based upon a fundamental analysis
of forecast earnings taking into account each creditor's relative position,
including security rights, vessel earnings, currency and stipulated
requirements.
The company's major syndicate lenders recently confirmed their support for BLT'
s restructuring, including through the provision of a working capital to
support important restructuring initiatives, the company said.
========= fm tankeroperator ========
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