BLT challenges seizure of its shipping vessel

By Peni Pedriawan

Indonesian shipping company PT Berlian Laju Tanker (BLT) said it would take immediate action against its creditors which have seized one of the company?s vessels, Gas Kalimantan.

?This arrest is wrongful and BLT is challenging it,? the debt-ridden publicly listed company said in a statement, adding that the move to seize the vessel was in breach of the debt restructuring agreement with creditors.

?BLT is actively taking steps to secure the immediate release of the vessel and to pursue the arresting creditor, ASL Shipyard Pte Ltd and its subsidiary PT ASL Shipyard Indonesia for damages,? the company said

?BLT remains appreciative of the support and cooperation of its customers and creditors and looks forward to concluding the next stage of the restructuring in the coming weeks,? it added.

The company last week said that it had successfully secured a 2 month extension in respect of the s.210(10) protective orders granted by the Singapore High Court on 12 March 2012.

Editing by Reiner Simanjuntak