Berlian gains another Court Order extension

By Demas Simbolon

Indonesia?s biggest shipping group PT Berlian Laju Tanker (BLT) has secured another extension to a Court Order it obtained in Singapore that postpones all legal proceedings against the group until October 2, allowing the firm and units to operate as normal as they put in place a restructuring program.

Berlian, listed on Indonesia and Singapore stock exchanges, said also in a filing the Indonesian bondholder creditors have also agreed not to take any action until July 30. ?BLT will now commence working with its creditors to finalize the restructuring plan as quickly as possible,? it said.

In another part of the filing, the company said it is well aware of the fact that in Indonesia, one of the creditors, Bank Mandiri, has filed for a PKPU ? which requires Berlian to present its restructuring plan to its creditors for them to consider and take a vote on.

The company faces potential bankruptcy if it does not get the requisite majority of its creditors to accept the proposal. ?The company is aware of the seriousness of the situation and has already prepared its preliminary plan. The company expects to move forward with the Indonesian and Singapore processes, as far as possible, in tandem,? it said.

Berlian in January announced that it has defaulted on its debt instruments payment.

Editing by Dadan Wijaksana