PT Berlian Laju Tanker Restructuring at Crossroads

Press Release
Tuesday, December 18, 2012

The company is subject to the jursidiction of several courts, but restructuring is essential in order to avoid bankruptcy.

The Company previously announced on 5 October 2012 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. This extension was obtained with the support of several major secured creditors of the Company.
 
The extension granted by the Singapore High Court complements the ongoing PKPU process in Indonesia. As announced by the Company on 4 July 2012, the Company is currently involved in a PKPU process overseen by the Central Jakarta Commercial Court. The Company presented its restructuring plan to its creditors for them to consider and vote on last Friday 14 December at the Central Jakarta Commercial Court, with the Company facing potential bankruptcy if it the requisite majority of creditors do not vote in favour of the proposed plan.
 
Discussions with creditors have been productive and the Company envisages that its creditors will vote on a final restructuring plan in the PKPU process in late December 2012. If the requisite majority of the Company's creditors vote in favour of the restructu ring plan put forward by the Company, the Central Jakarta Commercial Court is expected to sanction the restructuring plan in early January 2013.

However, On 13 December 2012, a petition was filed against the Company in the United States Bankruptcy Court, under Chapter 11 of the United States Bankruptcy Code. The Chapter 11 process allows for a distressed company to reorganize under the supervision of the United States Bankruptcy Court.
 
The Chapter 11 petition was filed by Gramercy Distressed Opportunity Fund II LP, Gramercy Distressed Opportunity Fund Ltd. and Gramercy Emerging Markets Fund (the "Petitioners"). The Petitioners claim to be owners of a portion of the 7.5% Guaranteed Senior Notes Due 2014 which were issued in 2007 by BL T Finance BV (a subsidiary of the Company) and are guaranteed by the Company.
 
The Company nevertheless intends to forge ahead in its efforts to restructure its debts and continues to look forward to a successful restructuring being achieved within the framework of the PKPU process. At the same time, the Company is taking legal advice on the appropriate steps to be taken in view of the actions of the Petitioners, to ensure that the Company's efforts are not derailed.
 
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Fos Tanker Queue Grows as Strike Impacts Refinery Ops

Nearly two dozen vessels were queued outside the French oil import terminal in Fos, southern France on Thursday, held up by a strike organised by the hardline CGT

Aquino: China Breaks South China Sea Deal

Philippine President Benigno Aquino on Thursday accused China of breaking a U.S.-brokered deal between the two nations on the Scarborough Shoal, an uninhabited rocky outcrop in the South China Sea.

2016 SDAP Rates Announced

The US Navy released updates to the Special Duty Assignment Pay (SDAP) for eligible enlisted Sailors in NAVADMIN 120/16, May 25. The SDAP program enhances the Navy's ability to size,

Finance

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

WSS: Post-combustion Fuel Treatment Cuts Vessel Costs, Risk

Wilhelmsen Ships Service, a provider of products and services to the shipping industry, is advising vessel operators to wage war on soot. According to WSS, soot

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1274 sec (8 req/sec)