PT Berlian Laju Tanker Tbk announced yesterday that a number of its subsidiaries had 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 purpose of the applications was to provide additional protection and assurance to BLT customers that their goods will be delivered in a safe and timely fashion without disruption. The major bank creditors of the BLT Group fully supported the applications to the Singapore High Court.
As the Company announced yesterday, it intends to seek recognition of the Singapore Orders in other jurisdictions wherever necessary to protect its vessels. As a result, applications have been made today to the US Courts for recognition of the Singapore Orders. This is to ensure that similar protection is afforded to vessels that call at US ports. 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.
The purpose of the Orders obtained in Singapore and applications in the US is to put a halt to all vessel arrests and other actions against its subsidiaries. This will enable the BLT Group to achieve more stability in its vessel operations as it forges ahead with the consensual restructuring.
Widihardja Tanudjaja, President Director of the Company said “We are committed to ensuring the safety of the cargo of our customers and are pleased to have obtained protection for our vessels from the High Court in Singapore. We have now taken steps to get those Orders recognized and enforced in the US and will take any further necessary steps to ensure our cargoes and vessels are protected. We are very grateful to our major bank creditors for their show of support. We wish to assure everyone that the BLT Group remains focused on completing the restructuring as soon as possible to maximize value for all stakeholders, whether they be customers, suppliers, creditors or shareholders”.
[mappress] Source: BLT, March 15, 2012