Berlian Laju expects creditors to vote on debt rescheduling soon

By Ruli Setiawan

PT Berlian Laju Tanker, Indonesia?s biggest shipping firm which is listed in Indonesia and Singapore, announced that discussions on debt restructuring efforts with creditors have been productive and it envisages that its creditors will vote on a final restructuring plan in late December 2012.

Berlian previously announced on October 5 that some of its subsidiaries which had obtained protective orders from the Singapore High Court under section 210(10) of the Companies Act had the validity of those orders extended for a further 2 months.

At a hearing on 27 November 2012, the Singapore High Court granted a further extension of those orders until 10 January 2013, said the latest update report made available to petromindo.com on Monday.

The extension granted by the Singapore High Court complements the ongoing PKPU (debt payment standstill talk) process in Indonesia. If the requisite majority of the Company?s creditors vote in favor of the restructuring plan put forward by the company, the Central Jakarta Commercial Court is expected to sanction the restructuring plan in early January 2013.

Editing by Dadan Wijaksana