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Announcement on Debt Restructuring and Debt Standstill


The Board of Directors of PT Berlian Laju Tanker Tbk (the "Company") (SGX: PTBL.SI and IDX: BLTA.JK) wishes to announce that a covenant breach has been declared under a loan facility granted to one of the Company’s subsidiaries. The Company is a guarantor under this facility. Further, certain of the Company’s other subsidiaries have also failed to make payments that are due under certain lease facilities. The Company is seeking advice in relation to the aforesaid events to assess the impact they may have on its financial position and standing. The Company will make further announcements as and when it obtains clarity on these issues. For the current financial year, the scheduled principal payments that are to be made under bank loans, bonds and finance leases by the Company and its subsidiaries are estimated to be in the region of USD 418 million. While the assessment is ongoing, the Company has decided to temporarily cease repayments on all of the Company's bank loans and bonds and payments on ship leases and on similar obligations of its other subsidiaries, save for PT Buana Listya Tama Tbk. (collectively the “Group”), to enable the Group to review its financial position and arrangements. The Company is committed to carrying on with its normal business and operations. As such, the Company will give the highest priority to servicing the Group’s obligations to its suppliers and trade creditors, in respect of whom the standstill is not applicable. The Company has appointed FTI Consulting (“FTI”) as its financial advisor to carry out the aforementioned financial assessment and to assist in determining the financial position of the Company in the light of events referred to above. They will also advise and assist, as appropriate, on suitable options to restructure the operational activities and financial arrangements of the Group, where appropriate in cooperation with the Company’s financial creditors. The Company has started discussions with the relevant parties with a view to restructuring the relevant bank and lease facilities and will look to FTI to provide valuable assistance in this effort. It is the Company’s intention to work with all stakeholders to arrive at a plan that will enhance value for the Company and achieve a fair and acceptable resolution for all stakeholders. In light of the above, and until the Company has obtained the advice as set out above and has fully assessed its financial position and made full disclosure to the market, the Company intends to request for the suspension of the trading of its shares on both the Singapore and Indonesia Stock Exchanges respectively.

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