BLT suspends share trading and stops servicing debt
(Jan 27 2012)
Indonesian chemical and gas shipping company PT Berlian Laju Tanker Tbk (BLT)
said late on Thursday it will stop servicing its debt in a move that will
affect $418 mill in repayments.
"The company has decided to temporarily cease repayments on all of the
company's bank loans and bonds and payments on ship leases and on similar
obligations of its other subsidiaries, save for PT Buana Listya Tama Tbk," BLT
said in a stock market filing.
The debt moratorium will enable the BLT group to review its financial position
and arrangements, it added.
Bloomberg reported that the decision to freeze payment on its debt follows a
covenant breach on a loan granted to a BLT subsidiary. The company is a
guarantor under this facility.
BLT, whose shares are listed both in Jakarta and Singapore Exchange, said the
scheduled principal payments that it has to make in the current financial year
are estimated to be in the region of $418 mill. The company has also asked for
its shares to be suspended on both exchanges.
The Indonesian chemical tanker owner said it hopes to carrying on with its
normal business, and will give the `highest priority' to servicing its
obligations to its suppliers and trade creditors, who will not be affected by
the debt standstill.
According to Reuters, Pertamina said today that it would not cancel its
contract with BLT despite its debt problems.
"Pertamina will continue the contract with Berlian Laju Tanker as long as they
can commit to the contract requirements, and there will be no contract
cancellation," said Mohamad Harun, Pertamina's spokesman said.
BLT also told Reuters that all of its vessels were trading normally.
============= fm tanker operator ================
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