PT Berlian Laju Tanker provides update on restructuring process
PT Berlian Laju Tanker Tbk (the “Company”) wishes to announce that it has made significant progress in its continuing effort to implement an effective restructuring of its liabilities. The following update bears out the progress so far:
PKPU proceedings in Indonesia
The Company announced on 15 March 2013 that the requisite majority of its secured and unsecured creditors voted to approve a plan for the restructuring of its debts, as part of the PKPU process overseen by the Central Jakarta Commercial Court. The Company is pleased to announce that, on 22 March 2013, the Central Jakarta Commercial Court ratified the restructuring plan that had been approved by the Company’s creditors on 15 March 2013.
Chapter 15 proceedings in the United States
Following the ratification of the Company’s restructuring plan by the Central Jakarta Commercial Court, the Company filed an application on 26 March 2013 for recognition in the United States of the Indonesian PKPU proceedings, pursuant to Chapter 15 of the United States Bankruptcy Code.
Following a hearing in the United States Bankruptcy Court on 27 March 2013, a provisional injunction staying litigation against the Company was issued on 28 March 2013, pending the determination of the US Courts on whether to grant recognition of the PKPU process. The Company is aware that there will be opposition to this from a small group of creditors but remains very confident that recognition will be obtained. This small group of creditors has, in any event, primarily opposed each step of the restructuring to date.
Section 210(10) proceedings in Singapore
The Company announced on 15 January 2013 that the validity of the protective orders granted to some of its subsidiaries by the Singapore High Court under section 210(10) of the Companies Act had been extended to 25 March 2013.
At a hearing on 25 March 2013, the Singapore High Court extended the validity of its protective orders to 25 June 2013. This will allow the various subsidiaries an opportunity to present respective composition plans with a view to resolving their debts.
The Singapore court proceedings in respect of those subsidiaries also continue to receive recognition in the United States under Chapter 15 of the United States Bankruptcy Code.
Extension of time to submit trading resumption proposal
On 30 January 2013, the Company submitted an application to the Singapore Exchange (“SGX”) requesting an extension of time until 30 April 2013 to submit its trading resumption proposal as required by Rule 1304(1) of the Mainboard Rules.
The grounds for the application were that due to the Company’s ongoing restructuring prevented it from submitting a sufficiently detailed trading resumption proposal, as the terms of the restructuring and its timelines were not yet finalized.
On 25 February 2013, the SGX granted the Company an extension of time until 30 April 2013 to submit its trading resumption proposal, subject to the following conditions:
a) the Company announcing the waiver / period of extension granted, the reasons for seeking the waiver / extension of time and the conditions as required under Listing Rule 107;
b) submission of a written confirmation from the Company that the waiver does not contravene any laws and regulations governing the Company and the articles of association of the Company; and
c) the Company providing regular update via SGXNET on the progress of the debt restructuring.”
Moving forward
The Company is committed to its current efforts to seek recognition of and implement the restructuring plan that has now been sanctioned by the Central Jakarta Commercial Court.
The Company remains appreciative of the support and confidence of its creditors, and the continued assistance of its legal and financial advisors, without which the Company will not have come this far.
Further details concerning the Company’s restructuring plan will be announced in due course.
Source: http://www.hellenicshippingnews.com/
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