The Board of Directors of PT Berlian Laju Tanker Tbk (the "Company") (SGX: PTBL.SI and IDX: BLTA.JK) wishes to announce that to reinforce its commitment to carry its customer's cargos without interference, certain subsidiaries of the Company have today made applications under section 210(10) of the Singapore Companies Act to stay all legal proceedings against these subsidiaries and have successfully obtained such a stay from the High Court of Singapore ("the Order") for a period of 3 months.
The applications were made with the support of the Group's largest group of bank creditors and the Order imposes a temporary halt on legal proceedings initiated for the purposes of arresting vessels owned by the relevant subsidiaries that made these applications. This initiative reinforces the Company's commitment to the Group's customers that their goods will be delivered in a safe and timely fashion on its vessels and that the Group will continue to operate as normal in provision of customer services while it puts in place a restructuring programme.
The Order is intended to bring stability to operations and allow the Company time to undergo restructuring, while protecting the interests of its customers. The Group has recently taken other steps to work towards a long-term solution with its creditors and a restructuring programme to return to profitability. These include appointing Cosimo Borrelli as VP Restructuring to lead the Company's review of its operations and financial position. Mr Borrelli will work closely with the Group's financial advisors, FTI, headed by its Senior Managing Director based in Singapore, Mark Chadwick. The team's primary focus is to ensure the continued protection of the interests of the Group's customers, suppliers and other stakeholders.