Court approves BLT?s debt restructuring extension
Thursday, August 23 2012 - 01:04 AM WIB
Shipping company PT Berlian Laju Tanker (BLT) has secured a 90-day extension for its court-supervised debt restructuring process in Indonesia, after creditors voted to extend an existing debt standstill at a meeting in the Central Jakarta District Court on August 15.
?? An overwhelming 96 percent in value of the creditors of BLT voted in favor of an extension of the PKPU restructuring process in Indonesia, to allow discussions to continue with a view to achieving a successful restructuring of BLT?s liabilities,? the company said in a statement obtained by Petromindo.com on Thursday.
?This vote was subsequently sanctioned by the Court on 16 August 2012. As a result, the company and its creditors have a further 90 days to work towards reaching an agreement on a consensual structuring plan,? it added.
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.
?The Singapore Courts granted protection, under section 210(10) of the Singapore Companies Act, in relation to those subsidiaries and, on 2 July 2012, the Singapore High Court extended such protection for an additional 3 months. This extension was obtained with the approval of the major secured creditors, and is aimed at facilitating this restructuring process,? BLT said.
?The existing restructuring initiatives being implemented to streamline and enhance BLT?s fleet and operations to continue and will be completed in the coming months. BLT?s improved operating platform is delivering good results in what remains a challenging market,? the statement said.
Editing by Reiner Simanjuntak