Berlian Laju Tanker (BLT) has secured a further three months protection from creditors in the Singapore courts as the company says it has presented a preliminary restructuring plan, Seatrade Asia online reports.
The protection order was extended for three months from 2 July while Indonesian bondholders have agreed to not take any action before 30 July.
“BLT delivered to the Court and its major secured lenders its preliminary restructuring plan and will now commence working with its creditors to finalise the plan as quickly as possible,” the company said.
BLT said the restructuring plan involved a streamlined organisation operating a younger fleet of fully stainless steel chemical tankers, as well as eight gas tankers and two oil tankers – all of which are employed on long term time charter.
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