Singapore/Jakarta, 16th March 2012 - The Company announced on 13th March 2012 that certain of its subsidiaries had successfully obtained orders from the Singapore High Court, under section 210(10) of the Singapore Companies Act preventing its ships from being impounded, while the Group worked with its creditors to achieve a consensual restructuring ("the Singapore Orders").
Some of the subsidiaries who obtained the Singapore Orders made applications to the US Courts for recognition of the Singapore Orders. This is part of the Group's strategy to ensure that its ships and cargo are protected wherever they ply.
The Company is pleased to announce that, with the support of the Group's major bank creditors, the companies who filed applications in the US have successfully obtained Interim Orders that, among other things, prohibit the arrest of their vessels in the United States.
It should be emphasized that none of the companies have filed for bankruptcy in the US or anywhere else. The US filings were made by the BLT Group in support of the Singapore Orders.
Widihardja Tanudjaja, President Director of the Company said "We are very pleased to have successfully obtained the protection from the US Courts. This is another step in ensuring that BLT's restructuring process can move along quickly and effectively, and I am pleased with its progress so far."