JAKARTA (Yosefardi) – The troubled shipping company PT Berlian Laju Tanker Tbk (BLTA) expects to close debt restructuring with its MLA (mandate lead arranger) lenders in November 20, 2015.
Post restructuring, unsecured creditors’ shareholding in BLTA would be 48%, public investors 20.9%, PT Tunggaladhi Baskara 14.9%, and new investors 9.5%. Post Restructuring, BLTA will be established as a new largely debt-free business in Asia with substantial cash balance, approximately US$25 million.
BLTA plans to recalibrate its business strategy and operations towards the Indonesian cabotage market. Its funds and assets will be used for its fleet expansion and development of other business opportunities for the benefit of its stakeholders.
BLTA aims 3 gas vessels immediately after the proposed Restructuring and the current intention to expand its fleet to 18 vessels through the purchase and chartering of small-medium size chemical / oil tankers and gas vessels between 5,000 – 8,000 DWT between 2016 to 2020.
BLTA’s revenue and EBITDA are forecasted US$59.6 million and US$14.1 million for 2016, and US$92.4 million revenue and US$26.3 million Ebitda in 2020. Number of vessels reach 9 units next year and 18 units in 2020.
BLTA will propose the resumption of its shares trading to IDX and SGX in November 30, 2015.