Jakarta, 2 March 2012. On 26 January 2012, BLT announced a standstill on the payment of its debts. We write to provide an update on the progress of BLTs restructuring plan. As you well know, BLT is facing financial difficulty, in a similar way to many of the worlds shipping companies. It is a difficult time for the industry. BLT is absolutely determined that it will weather this storm. To ensure that its creditors and stakeholders are treated fairly, BLT appointed FTI, the global business advisory firm, as its financial advisor to work with the Group to come up with a viable restructuring plan and to advise the Group on the best way to navigate itself through these difficult times.
To further ensure that this process moves forward positively, BLT has just appointed Mr Cos Borrelli as VP Restructuring. Mr Borrellis main role will be to lead the Groups restructuring efforts and to review the operations and financial position of the Group. It is expected that Mr Borelli will work closely with the FTI team, which is headed by Mark Chadwick, its Senior Managing Director who is based in Singapore. Their primary focus is to ensure the continued safety, security and peace of mind of the Groups customers, suppliers and other stakeholders. Mr Borrelli is the Managing Partner of Borrelli Walsh, a specialist restructuring firm. He is a Chartered Accountant with over 20 years of experience in formal and informal corporate restructuring, and he is amongst Asias leading restructuring professionals. This experience includes extensive scope of the strategic and advisory aspects of the companies which he has guided through the restructuring process. He has a proven track record in establishing and delivering restructuring and related corporate advisory arrangements in a broad range of industries. Mr Borrellis wealth of commercial experience means he is well suited to establishing and implementing solutions to complex problems and disputes. It is our hope that, with the assistance of the professionals we have brought in, and with our continued commitment to the process, the Group will come through its current difficulties even stronger than it was before.