BLT keen to restructure debts by year-end
Berlian Laju Tanker (BLT) chairman Hadi Surya was quoted as saying he hopes to restructure its $1.9bn debt by year-end and will switch the chemical tanker company's focus to niche liquid chemical and gas transport, Seatrade Asia online reports.
The company will trim its oil tanker business and boost investment in liquid chemical and gas shipping, betting on an improvement in the chemicals sector as Asia grows, Hadi was quoted as saying. However the company needs to first complete its current debt restructuring process.
BLT has until 13 November to work out a restructuring plan with its creditors after it won a 90-day extension in August and has not ruled out the sale of vessels or going into liquidation to complete the process.