SINGAPORE (Yosefardi) – Troubled shipping company PT Berlian Laju Tanker Tbk (BLTA) reported the Singapore High Court had in September 13, 2013 extended the validity of the protective orders granted to each relevant subsidiary of BLTA to 29 November 2013.
This is part of the company’s ongoing restructuring efforts. BLTA was taken out of Postponement of Debt Settlement Obligation (PKPU) status after the company’s homologation with creditors was approved by the court on March 22, 2013. BLTA reportedly has Rp294 billion worth of debt to Bank Mandiri, and US$13.7 million to Bank Mizuho.
BLTA said its relevant subsidiaries will proceed to hold meetings of their respective creditors. The relevant subsidiaries’ proposals under their respective schemes of arrangement are part of the implementation of the restructuring initiatives set out in the Restructuring Plan proposed by the company and approved by the Indonesian courts in the company’s PKPU process.
The Singapore court proceedings in respect of the relevant subsidiaries continue to receive recognition in the United States under Chapter 15 of the United States Bankruptcy Code, BLTA said.