JAKARTA (Yosefardi) – The sinking shipping company Berlian Laju Tanker Tbk (BLTA), parent of Buana Listya Tbk (BULL), will seek approval from its shareholders on its debt restructuring program. The company hold annual general meeting of shareholders on December 4, 2014.
BLTA plans to issue 3.95 billion shares to the unsecured creditors and to issue 316.46 million shares to the holder of US$125 million 12.0 percent Guaranteed Bonds due 31 March 2023 issued by BLT International Corporation and US$48.9 million Zero Coupon Guaranteed Bonds due 31 March 2023 issued by BLT Finance BV.
BLTA will also seeks approval for restructuring of the US$685 million Facility Agreement dated 18 February 2011 entered into with, among others, DNB Bank ASA, Singapore Branch, as agent and security trustee and the lenders.
In line with the restructuring agreement and in relation to the guaranteed senior exchange notes due 2023 to be issued by BLT Finance BV, in exchange for the US$400 million 7.5 percent guaranteed senior notes due 2014, shareholders need to approve the transfer of up to 529.5 million shares in BULL to Madison Pacific Trust Limited as trustee for the restructured bonds.
BLTA also seeks approval to increase its authorized share capital to 18.95 billion shares from current 14.67 billion shares.