BLT buys more time from court
Indonesian shipping firm Berlian Laju Tanker (BLT) has secured a two-month extension for a protection order by the Singapore High Court as the company continues with its restructuring plan, Seatrade Asia online reports.
BLT said the extension was obtained with the support of the “major secured lenders” and it is continuing to work with its creditors on achieving a “consensual restructuring.”
“Discussions with creditors remain positive and it is likely that a revised restructuring plan will be distributed to all creditors around 10 October 2012,” BLT said.
Meanwhile, BLT is challenging the recent “wrongful” arrest of its vessel Gas Kalimantan in South Korea. BLT is taking active steps to pursue the arresting creditor ASL Shipyard and its subsidiary ASL Shipyard Indonesia for damages.
