Djakarta Lloyd looks to bounce back

Jakarta: Shorn of much of its debt, state run shipping line Djakarta Lloyd now wants to focus more on logistics. In terms of adding to the fleet, top management say there is no intention to buy more ships, but the line could be active in the charter market.

The Central Jakarta Commercial Court ruled to end the line’s debt postponement petition (PKPU) period in May 12. At its worst point, Djakarta Lloyd had racked up debts of Rp1.3trn. Creditors have accepted a deal whereby debts could be paid in installments over 18 years with a five-year grace period without interest.

The creditors also agreed to subscribe for new shares in the company, equal to the value of the debt. Creditors now control 70% of the line’s shares with the government holding the rest.  [30/06/14]

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