Berlian Laju’s restructuring plans attacked

Berlian Laju’s restructuring plans attacked

Jakarta: The restructuring plan of Berlian Laju Tankers (BLT) has raised the ire of a number of fellow Indonesian companies.

BLT, which entered restructuring in January 2012, submitted a restructuring plan two years ago in 2013.

Indonesian firms Trojan International, Pacific Indocorpora, Samitra Artha Laksita, Feryanto Fulbertus, Nico Handoyo, Agustinus Gondowijoyo and Industri Jaya Sukses have now moved to get the plan overturned, according to a short release from BLT. No reasons were given for why these companies have taken issue with the plan. BLT said it is seeking legal advice.

BLT’s restructuring plan will see private equity firms KKR and York Capital take 100% control of the tanker firm via a debt-to-equity deal which is meant to go through in the coming months.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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