BLT’s future to be decided at beginning of 2013

BLT’s future to be decided at beginning of 2013

The question as to whether creditors will accept Berlian Laju Tanker’s (BLT) restructuring looks set to be settled on 2 January 2013.

Creditors of BLT recently voted 98% of creditors, representing 95% of claims value voted in favour of an extension on date for the ultimate vote on the restructuring. Jakarta courts have now granted a 50-day extension from the previous deadline of 13 November, meaning the vote of restructuring will take place on 2 January 2013. BLT had requested a 60-day extension.

“Unless there is a further extension, the claimant creditors’ vote on BLT’s restructuring plan will be known at that time,” said Jack Doonan, ceo BLT Chembulk, the Indonesian company’s US subsidiary.

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