Berlian Laju Averts Bankruptcy After Deal with Creditors Wires
(Insider Stories) — Indonesian oil and gas shipper PT Berlian Laju Tanker (BLTA) reached a deal with creditors to restructure US$1.9 billion in debt, averting what could have been one of the country’s biggest bankruptcies in years, wires reported.
Once the world’s third-largest chemical shipper, the group secured support for its restructuring plan on March 14, just four days before a court-mandated deadline.
“A deal has been reached with 100 percent of secured creditors voting for it,” William Shia, head of Asian investments at Berlian Laju creditor Gramercy, told Reuters shortly after the vote. “The next step is for [Berlian Laju] to implement its plan.”
Berlian Laju later confirmed a deal had been reached and said details of the restructuring plan would be announced “in due course”. A Jakarta court was expected to officially sanction the deal yesterday, it said in a statement.
