Singapore/Jakarta, 13th March 2012 - To reinforce its commitment to carry its customer's cargos without interference, PT Berlian Laju Tanker Tbk ("BLT" or "the Company") has successfully obtained an order in the High Court of Singapore ("the Order") that prevents its ships from being impounded.
The move provides additional protection and assurance to BLT customers that their goods will be delivered in a safe and timely fashion on all BLT vessels and that BLT will continue to operate as normal in provision of customer services while it puts in place a successful restructuring.
The application for the Order was made with the support of BLT's largest group of bank creditors. It was sought to prevent any further arrests of BLT ships by a limited number of creditors. BLT is grateful that the vast majority of its creditors have not taken such steps and are working with the company during this time. The effect of the Court orders is to take substantial steps to prevent creditors who try to interfere with BLT's business and vessels and will no longer be able to do so.
The Order under Section 210 (10) of the Companies Act Singapore will put a temporary halt to legal proceedings brought by creditors against BLT companies. The three-month Stay Order is intended to bring stability to operations and allow the Company time to undergo restructuring, while protecting the interests of its customers. BLT is committed to obtaining similar orders in other jurisdictions where its vessels operate.
BLT 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 BLT'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 BLT customers, suppliers and other stakeholders.
On 26 January, BLT announced a standstill on the payment of its debts. Trading in the Company's shares on the Indonesia Stock Exchange (Bursa Efek Indonesia) and the Singapore Exchange has been suspended.