Berlian Laju units temporarily allowed to continue servicing customers

By Romel S. Gurky

PT Berlian Laju Tanker, Indonesia?s largest oil and gas shipping group listed on both Indonesia and Singapore stock exchanges, said certain subsidiaries of the company had obtained court Order in Singapore to postpone all legal proceedings against them for three months.

The Order imposes a temporary halt on legal proceedings initiated to arrest vessels owned by the subsidiaries, allowing them to carry their customers? cargoes of goods in a safe and timely manner, Berlian Laju said in a statement on Tuesday.

This initiative will mean that the company and its subsidiaries will continue to operate as normal while at the same time put in place a restructuring program.

Berlian Laju in January announced that it has defaulted on its debt instruments payment. It said the falling freight rates had forced the company to stop servicing debts in order to allow it to review its financial position and arrangements.

The statement said that the company is working toward a long-term solution to the problem with its creditors through a restructuring program to return to profitability.

Editing by Dadan Wijaksana