Jakarta: Berlian Laju Tanker reckons its creditors in Indonesia will give it the go ahead for its restructuring plan.
“Discussions with creditors have been productive and the company envisages that its creditors will vote on a final restructuring plan … in late December 2012,” the beleaguered tanker firm said in a release today.
Berlian Laju has irate creditors elsewhere, including in Singapore and the US. Investment firm Gramercy filed a Chapter 11 filing in the US last week, something Berlian Laju dismissed as “an unfortunate and untimely distraction for the company and its restructuring efforts”.
Cos Borelli, vice president for restructuring of the company, said “ We have worked hard with the various different creditor groups and it has been difficult to balance the different expectations of different creditor groups. We have gone as far as we can and the decision is now in the hands of the creditors as to whether they want the company to be restructured or liquidated. The plan has the support of the major secured creditors and presents the unsecured creditors with a valuable return in circumstances where the alternative guarantees no return.” [17/12/12]
