Berlian granted another extension on debt talk process
Thursday, November 29 2012 - 08:47 AM WIB
PT Berlian Laju Tanker (BLT), Indonesia?s largest shipping firm listed in Jakarta and Singapore, announced that it has secured another extension of 50 days for its debt restructuring process with creditors.
The shipping firm said in a filing to the Indonesia Stock Exchange (IDX) that the Central Jakarta Commercial Court has approved the extension to the negotiation process, formally called the PKPU Composition Plan, until January 2, 2013.
It was the second extension in as many months. On August 16, the Court also sanctioned an extension of 90-days.
The PKPU (debt payment standstill) process is being undertaken at the same time as restructuring action has been taken in Singapore in relation to a number of the operating subsidiaries of BLT.
Earlier this year, BLT defaulted on several debt instruments and talks with creditors about debt restructuring have been underway since. Its market value has collapsed to $236 million when the trading of its shares was suspended in January, down 90 percent from the shipping boom of early 2008.
Editing by Dadan Wijaksana