A group of Indonesian companies has filed a lawsuit in their country’s court to oppose PT Berlian Laju Tanker’s (BLT’s) restructuring plan, or PKPU, as it is known in Indonesia.
BLT, a chemical tanker specialist listed in Singapore and Jakarta, went into restructuring in January 2012 and the Central Jakarta District Court ratified its rehabilitation plan in 2013.
PT Trojan International, PT Pacific Indocorpora, PT Samitra Artha Laksita, Feryanto Fulbertus, Nico Handoyo, Agustinus Gondowijoyo, and PT Industri Jaya Sukses, are seeking to void the PKPU plan. No reasons were cited in BLT’s filing to the Singapore Exchange.
BLT said it is seeking legal advice on the matter.
Trading of the company’s stocks remain suspended due to an audit of its 2013 accounts.
As at 31 March 2015, BLT has approximately USD1.85 billion in debt, down from USD1.86 billion over the same period in 2014. It had USD6.74 million loss for the first quarter of 2015, down from the USD37.4 million loss for the first quarter of 2014.
In April, BLT said its restructuring had entered a ‘final phase’ where creditors, including private equity firms Kohlberg Kravis Roberts and York Capital, will become 100% equity holders of BLT through a debt-for-equity deal.
The PKPU plan is based on certain market forecasts being met and fundraising over a 10-year repayment period.