Berlian Laju on the brink
(Dec 21 2012)
A petition has been filed against PT Berlian Laju Tanker (BLT) in the US
Bankruptcy Court, under Chapter 11 of the US Bankruptcy Code, which could
derail its restructuring plans.
The petition was filed by Gramercy Distressed Opportunity Fund II LP, Gramercy
Distressed Opportunity and Gramercy Emerging Markets Fund on 13th December.
The petitioners claimed to be owners of a portion of the 7.5% Guaranteed Senior
Notes due 2014, which were issued in 2007 by subsidiary BLT Finance and are
guaranteed by the company.
BLT said that it intended to continue in its efforts to restructure its debts
and hoped to achieve this within the framework of the Indonesian PKPU process.
The company said that it was taking legal advice on the appropriate steps to
take following the petitioners claim, to safeguard its efforts at finding a
solution.
On 5th October, BLT announced that some of its Singapore-based subsidiaries,
which had obtained protective orders from the Singapore High Court, had the
validity of those orders extended for a further two months.
At a hearing on 27th November 2012, the Singapore High Court granted a further
extension of those orders until 10th January 2013. This extension was obtained
with the support of several major secured creditors, the company claimed.
The extension granted by the Singapore High Court complements the ongoing PKPU
process in Indonesia. As announced by BLT on 4th July 2012, the company was
involved in a PKPU process overseen by the Central Jakarta Commercial Court.
BLT presented its restructuring plan to its creditors on 14th December at the
Central Jakarta Commercial Court. The company faces potential bankruptcy if the
required majority of creditors do not vote in favour of the proposed plan.
Discussions with creditors are claimed to have been productive and the company
said that it envisaged its creditors will vote on a final restructuring plan in
the PKPU process later this month.
If the required majority of BLT's creditors vote in favour of the restructuring
plan, the Central Jakarta Commercial Court is expected to sanction it in early
January 2013.
======== fm tanker operator =========
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